Progressive Corporate Income Tax Reform

In the 1950s, according to the Center on Budget and Policy Priorities, corporations contributed about 28% of the Federal budget, and their profits were taxed at about 49% (the real rate, not the official rate before tax breaks). As of 2012 they provided only about 10%, about 9% in 2018.

To double the corporate contribution, we would want $500 billion more from the corporate sector. In the section about corporate welfare, (subsidies and tax breaks), we had about $250 billion, outside of the financial system, which has many other ways of not paying taxes. Therefore, about $250 billion per year more in corporate taxes would be called for.