Helping the New Tax Law to Pay Off

Democrats wail about the new tax law.  The ever nuanced Nancy Pelosi even calls it "Armageddon" (short video).  Rather than taking less from taxpayers, the Dems say tax cuts are "giveaways" to the rich.  But if our corporate income tax has the highest statutory rates in the industrialized world, even progressive Democrats ought to be able to see that as uncompetitive and a disadvantage.  Let's take a brief look at the history of federal corporate income tax revenues. In "Table 2.1 – RECEIPTS BY SOURCE: 1934–2022" (page 33 of the PDF), one sees that in seven of the ten years from 1934 through 1943, revenue from corporate income taxes was higher than revenue from individual income taxes.  But since 1944, corporate income taxes have always produced less revenue than individual income taxes, and the difference between the two has grown markedly.  The most revenue ever produced by the corporate income tax was...(Read Full Article)