WWD: Execs Flag ‘Concerns’ Over Corporate Taxes Amid Rising Inequality
media mention“The lack of accessible child care, climate change, inequality…all these things are pretty basic existential threats for American workers, families and America as a nation,” said Gardner. “And the only way they can be meaningfully solved is through government spending and intervention, and an effective government requires an effective tax system.”
Corporate income tax revenues in America have dropped steadily and significantly since the 1940s, according to researchers tracking data from the Office of Management and Budget. In the late 1940s, corporate income tax revenue peaked at higher than 7 percent of gross domestic product, while in 2019, that percentage had sunk to 1.1 percent.
In 2017, the Trump administration’s tax cuts through the Tax Cuts and Jobs Act slashed the maximum corporate income tax rate to 21 percent, down from 35 percent.