Ahead of the Senate hearing on “Offshore Profit Shifting and the U.S. Tax Code,” I released a report reminding us that contrary to the perception created by these types of political spectacles, corporations pay a...
- Corporate Tax Burden Rises
Corporate Tax Burden Rises
Special Report No. 4
Executive Summary As the federal deficit approaches a record level of over $300 billion and pressures build for increased spending on new and existing programs, the government will continue its drive for more revenues. Corporations are often targeted and charged with evading their "fair share" of the nation's tax burden. Stale as the theme of under taxed corporations is, its repetition has given it a life of its own despite convincing evidence to the contrary. In fact, corporations carry a heavy tax burden and provide a large and growing percentage of the total tax revenues collected by all levels of government.
The object of this report is to present the current level of the corporate tax burden and examine why and how it has changed since 1980. A consistent time frame of 1980 to 1991 is used throughout the study.
As Congress moves closer to debating fundamental tax reform, the amount U.S. multinational firms pay in taxes on their foreign income has become a common topic for the press and among politicians. Some of the more sensational press stories and...
In his annual budget briefing, Rhode Island Governor Lincoln Chafee (I) proposed a reduction of the state’s corporate income tax rate from 9 percent to 7 percent over the next three years....