(Source: Slate opinion column by Jordan Weissmann, July 31, 2014)
NEW YORK — As I argue in my column today, one of the basic problems with the corporate income tax is that it was conceived in a pre-globalization world, a time before tax havens and before U.S. companies started making a sizable chunk of their profits overseas. So I thought it would be useful to break out this graph, from the Tax Policy Center, showing how the corporate income tax’s role in the U.S. tax base has changed over time. Back in 1950, the corporate income tax was able to provide more than a quarter of federal revenue. Today, it’s down closer to 10 percent. Payroll taxes have essentially taken its place.
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