Corporate Tax Revenues, Percent of GDP, and of Federal Revenues
December 3, 2010
At its peak in the 1960s, the U.S. corporate income tax accounted for more than one-fifth of all federal revenues, making it the second most important revenue source after the personal income tax. After the major Reagan-era tax cuts in 1981, the corporate tax has provided less than 12 percent of federal revenues in all but four fiscal years, between 2006-2008 when a booming financial sector generated temporarily high profits and tax revenues (Source: Congressional Budget Office.)

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