The Tax Foundation reports the federal government received $370 billion in corporate tax revenue over FY 2021, matching a record high level from 2007.
Observing data from the Congressional Budget Office, the Tax Foundation says the $370 billion is a 75% increase over the previous fiscal year total, which reflects a rebound in corporate profits and the economy.
“This year’s robust corporate tax collections calls into question efforts by the (Biden) administration and congressional Democrats to increase the corporate tax rate and raise other corporate taxes based on claims of relatively low tax collections following the Tax Cuts and Jobs Act (TCJA),” said William McBride, Vice President of Federal Tax and Economic Policy for the Tax Foundation.
McBride added that corporate tax collections in FY21 are about 25% higher than the $297 billion collected in 2017, prior to passage of TCJA.
To see the full report, click here.