DO WE REALLY NEED TO RAISE CORPORATE TAXES?
Things to consider concerning the current tax bill that would increase corporate taxes currently being considered in congress:
William McBride from Tax Foundation reported:
“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 25% higher than the previous year and shows a trend of a rebound in corporate profits and the economy in 2020, (even in a pandemic). This disputes the Democrats’ argument that Corporations are not paying enough taxes and that corporate tax rate needs to raised in addition to assessing other corporate taxes.
In addition, personal tax revenue collected in 2021 was at an all-time high at $2,052 Trillion, payroll revenue taxes collected were at $1,308 Trillion and an additional miscellaneous amount collected was $317 Billion. This brings total collected tax revenue to be at $4,047 Trillion in the year 2021.
2021 tax revenue collected brings the GDP to 17.5% higher than any other tax year.
For more information research Tax Foundation website.