Can TCJA Save The Corporate Income Tax?

By Joyce Beebe and Jorge Barro (November 7, 2018, 3:31 PM EST) -- The share of corporate income tax in the federal government's revenue has steadily declined since the start of the postwar era. Immediately after World War II, CIT accounted for approximately 30 percent of the federal government's gross receipts. In the 1960s and 1970s, this ratio decreased to less than 20 percent, and the next two decades witnessed a further decline to 10 percent of federal government revenue. Since the start of the 21st century, the ratio of CIT as a percentage of federal government revenue has been hovering at around 10 percent.[1] While some of this decline has been the result of reductions in the corporate tax rate, much of it is attributable to a declining corporate tax base....

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