May 11, 2017

Fast Company: Drain the Swamp? Tax Lobbyists Are Ready for Trump Bonanza

media mention

The lobbying activity has coincided with a continuing slide in the percentage of federal revenues collected from corporate income taxes. During the 1950s, corporate taxes made up 28% of federal revenue. By 2015, the corporate share had fallen to roughly 11%. Individual income tax receipts have remained relatively stable, accounting for almost half of federal receipts.

Deductions benefitting specific industries–and in some cases, specific companies–have helped push down corporate tax collections. The Institute on Taxation and Economic Policy reported in March that 100 of 258 biggest U.S. companies paid no tax during at least one year between 2008 and 2015. At least 18 companies, including General Electric and Priceline, incurred either no tax burden or received a net refund during the entire period, according to the institute’s report. Read more



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