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Article: The corporate income tax: economic issues and policy options.(Symposium on the Corporate Income Tax)
- Article from:
- National Tax Journal
- Article date:
- June 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 National Tax Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The United States still relies, although less heavily than it did in the past, on revenues from the corporate income tax. While the tax is currently a distant third in share of federal revenues, trailing both the individual income tax and the payroll tax, it was much more important in the past. The corporate tax's decline as a share of federal revenues results from both the growth of other revenue sources and the decline of the corporate tax as a percent of GNP. This latter effect, in turn, arises from both a decline in corporate profits as a share of output and a decline in effective corporate tax burdens.
A separate corporate tax has been justified at various times ...