By Rod Mauszycki
DTN Tax Columnist
For the fiscal year 2021, the Congressional Budget Office projects tax revenue collected from corporations at $238 billion. To put that into perspective, corporations account for just 6% of all tax collections.
Because corporate tax is such a low-hanging fruit, the budget reconciliation bill still being debated in Congress makes changes to the current 21% corporate tax rate, creating a tiered structure in the process. Corporations with $400,000 or less in taxable income would see their rates cut to 18%; companies with income between $400,000 and $5 million would pay the current 21% rate; corporations with higher income would pay a 26.5% rate.