50% would be nice though.

The greatest growth of american middle class was when we taxed corporations around 50%.

The corporate income tax serves three important functions. First, it raises a significant amount of revenue for the federal government—$242.3 billion in fiscal 2012, or almost 10 percent of total federal revenues. However, the corporate income tax is less important now than in the 1950s, when it accounted for about 30 percent of total revenues.

Second, the corporate income tax contributes to the overall progressivity of the tax system to the extent that the corporate tax burden falls on capital. While some recent research has estimated that most or all (in some cases over 100 percent) of the corporate tax burden falls on labor (e.g., Hassett and Mathur 2010), other evidence suggests that these findings are not robust to alternative specifications and do not address many of the theoretical issues associated with the burden of the corporate income tax (e.g., Gravelle and Hungerford 2008; Clausing 2011–2012; Clausing 2013). Many tax policy analysts and government agencies distribute the majority of corporate tax burden to capital (between 75 percent and 82 percent).3 Consequently, it is safe to say that the corporate income tax contributes to the progressivity of the overall tax system.

Third, the corporate income tax serves as a backstop to the individual income tax because it precludes using the corporation as a tax shelter for high-income taxpayers. Gravelle and Hungerford (2008, 422) note that if there were no corporate tax, “high-income individuals could channel funds into corporations and, with a large part of earnings retained, obtain lower tax rates than if they operated in partnership or proprietorship form.”

Economic Policy Institute

This is from 2012. The rate under trumps tax cuts are now 21%. None of which has trickled down in the form of wage growth or additional benefits.



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