Given all of the recent talk about closing tax loopholes and deductions, here’s a chart showing sources of federal revenue. This chart is interesting because it comes from a recent report issued by the Senate Subcommittee on Investigations, which is exploring “how U.S. citizens and multinational corporations have misused and at time violated tax statutes and regulations and accounting rules to shift profits and valuable assets offshore to avoid U.S. taxes.”
The report notes that in 1952, the corporate tax generated 32.1% of all federal tax revenue. Today, the corporate tax accounts for 8.9% of federal tax revenue.
More To Read
May 2, 2024
Baby Bonds: A Step Toward Racial and Economic Equity
The Washington Future Fund would bring this innovative, anti-racist policy to the Evergreen State
May 1, 2024
Laws Targeting LGBTQ Youth Aren’t Just Bad for Kids – They’re Bad For The Economy
The harm done by anti-LGBTQ laws expands so much further than queer children and teens
April 26, 2024
What is WA Cares and Why Does It Matter for Washingtonians?
We need to defend this important policy from billionaires looking to save a buck