Given all of the recent talk about closing tax loopholes and deductions, here’s a chart showing sources of federal revenue. This chart is interesting because it comes from a recent report issued by the Senate Subcommittee on Investigations, which is exploring “how U.S. citizens and multinational corporations have misused and at time violated tax statutes and regulations and accounting rules to shift profits and valuable assets offshore to avoid U.S. taxes.”
The report notes that in 1952, the corporate tax generated 32.1% of all federal tax revenue. Today, the corporate tax accounts for 8.9% of federal tax revenue.
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