Corporate Income Taxes Archive
Corporate Tax Revenue Hit an All-Time High in 2021
October 12, 2021
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TweetShareSharePin0 Shares The Congressional Budget Office (CBO) now estimates that the federal government received $370 billion in corporate tax revenue over the past year (fiscal year 2021), matching the record high level from 2007. This is a 75 percent increase over the previous year’s total, reflecting a rebound in corporate profits and the broader economy.
Impact of National Tax Reforms on the EU Economy
October 11, 2021
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TweetShareSharePin0 Shares Note: The following is the testimony of Daniel Bunn, Tax Foundation Vice President of Global Projects, prepared for a EU Parliament Subcommittee on Tax Matters hearing on October 11, 2021, regarding the impact of national tax reforms on the EU economy. Thank you for the opportunity to testify today. My name is Daniel Bunn, and I am
Regional Tax Competition Is Stopping Spain from Being Europe’s Tax Hell
October 6, 2021
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TweetShareSharePin0 Shares To shed light on the Spanish tax system, the Tax Foundation and the Foundation for the Advancement of Liberty produced the Spanish Regional Tax Competitiveness Index (RTCI). The Index compares the 19 Spanish regions on five major areas of taxation: individual income tax, wealth tax, inheritance tax, transfer taxes and stamp duties, and
Florida Corporate Income Tax Rate: Lawmakers Should Provide Certainty
October 1, 2021
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TweetShareSharePin0 Shares Florida is now the ninth state to implement or adopt a corporate income tax cut in 2021, with the state’s new rate the nation’s second lowest—for now. Five states adopted corporate income tax cuts legislatively this year, two states (Arkansas and Indiana) implemented rate relief as part of previously enacted phased reductions, and
Weighing the Options for Financing Reconciliation
September 29, 2021
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TweetShareSharePin0 Shares Last week, The New York Times reported that in opposing corporate or individual income tax increases, Senator Kyrsten Sinema (D-AZ) has pushed other Senate Democrats, such as Senator Ron Wyden (D-OR), to consider a carbon tax to finance some of the infrastructure package. A carbon tax would be a less economically harmful pay-for
House Democrats Tax on Corporate Income: Third-Highest in OECD
September 27, 2021
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TweetShareSharePin0 Shares Under the House Ways and Means tax plan, the United States would tax corporate income at the third-highest integrated tax rate among rich nations, averaging 56.6 percent. The integrated tax rate reflects the two layers of tax that apply to income earned through corporations: the entity-level corporate income tax and the shareholder-level capital
White House Average Tax Rates for Wealthy Report Tells Incomplete Story
September 24, 2021
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TweetShareSharePin0 Shares Echoing other reports from this year, the White House Council of Economic Advisors (CEA) published a report Thursday that estimates an approximate average federal individual income tax rate for the top 400 wealthiest households in the U.S of 8.2 percent, lower than typically estimated for top earners. The CEA arrived at a lower
Corporate Tax Trends in Europe, 2018-2021
September 23, 2021
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TweetShareSharePin0 Shares Corporate income tax rates have been declining around the world for the last two decades. Today’s map shows the most recent changes in corporate tax rates in European OECD countries, comparing how combined statutory corporate income tax rates have changed between 2018 and 2021. The average tax rate of all European countries covered
Economy Loses More than Revenue Gains
September 22, 2021
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TweetShareSharePin0 Shares As Congress debates next steps on the tax provisions in the Build Back Better Act proposed in the House Ways and Means Committee, it is important to consider the economic impacts, which include reduced economic output, wages, and jobs. Due to the plan’s economically costly and inefficient tax increases, we find that long-run
How Progressive is the US Tax System?
September 17, 2021
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TweetShareSharePin0 Shares As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code. While the image that rich Americans pay little taxes is popular, it’s a misconception: high-income individuals already pay a large share of taxes, even when compared to their share of
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