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Compared to historical trends and other advanced economies, corporate tax revenues in the United States are at very low levels. As the 2020 presidential election nears, several current and former candidates have proposed changes to the U.S. tax system, including some that address how corporations are taxed. Below are charts that focus specifically on our current corporate income tax system, examining and illustrating reasons for the downward trend.
The current tax code raises low levels of federal revenues from corporate income taxes, thus contributing to the growing national debt. However, there are opportunities for tax reforms that can help make our nation’s fiscal outlook more sustainable.
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