About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Jonathan Williams, Surge in Corporate Income Tax Collections Offers Opportunity for Tax Reform 1 (2006)

handle is hein.taxfoundation/fffhxz0001 and id is 1 raw text is: FOUNDATION May 8, 2006 Surge in Corporate Income Tax Collections Offers Opportunity for Tax Reform by Jonathan Williams Fiscal Fact No. 57 As the House Ways and Means Committee prepares to hold a series of hearings on corporate tax reform and international competitiveness, they will be confronted by recent data that show a precipitous increase in corporate tax collections over the past two years. These increasing corporate tax receipts give lawmakers a window of opportunity to invest in tax code improvements for the long term: lowering the corporate income tax rate, broadening the tax base and integrating the corporate income tax with the individual income tax system. In February, the Office of Management and Budget (OMB) released the final revenue figures for Fiscal Year 2005. Corporate tax collections totaled $278 billion, up from $195 billion in 2004 and $139 billion in 2003 (all in real 2005 dollars). That represents a real rate of growth of over 100 percent over two years. A new study by the Congressional Budget Office (CBO) shows this trend has continued into 2006. As of April 2006, corporate income tax receipts are up nearly 30 percent over receipts during the same period in 2005. The recent surge in corporate income tax collections has substantially increased corporate tax collections as a percentage of Gross Domestic Product (GDP) from 1.2 percent of GDP in FY 2003 to 1.6 percent in FY 2004 and, most recently, 2.3 percent in 2005. By this measure, corporate tax collections in 2005 were higher than in any year since 1980.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most