Federal corporate income taxes are paid by US resident C-corporations, and revenues comprised 2% of total GDP in FY 2022. In the last 90 years, revenues peaked at 7% of GDP in 1944 and 1945, during World War II.
The federal Earned Income Tax Credit lifts millions of people out of poverty each year. But not everyone eligible claims the credit: only 76% of total eligible taxpayers claimed the credit for tax year 2020, ranging from 68% in Oregon to 87% in West Virginia.
Momentum behind a tax plan drafted by Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO) has...