U.S. Corporate Tax Revenue Matches All-Time High

The federal government took in an estimated $370 billion in corporate tax revenue over the past year (fiscal 2021), matching the record set in 2007. The Tax Foundation says this high level of revenue calls into question efforts by some policymakers to raise the corporate tax rate and other corporate taxes based on claims of relatively low tax collections resulting from the 2017 tax reform.

Meanwhile, the federal government collected a record of nearly $4.05 trillion in overall taxes in FY 2021 — nearly 15% above the level collected before the 2017 tax cuts. But federal spending also hit a nominal high of nearly $6.82 trillion. 10/26/2021