U.S. Department of Treasury Budget Results Show Record Corporate Tax Revenues in 2021
U.S. Department of Treasury Secretary Janet Yellen and Acting Director of the Office of Management and Budget Shalanda Young shared the country’s Budget Results for Fiscal Year 2021, which show that — in spite of political rhetoric to the contrary — U.S. corporate tax revenues in 2021 were the highest in history. Corporate income taxes reached $371.8 billion, an 82% increase over 2018, the first year after the 2017 tax reform act.
Notwithstanding the ongoing global pandemic, these results confirm that U.S. corporations are contributing to the federal government’s finances at robust levels. Implementing more competitive tax policies allows American companies and their workers to compete and win in global markets while, as these results show, generating substantial corporate tax revenues for the United States.
American workers benefit from a competitive corporate tax system — not increases in corporate taxes that would tilt the playing field against American companies in favor of their foreign competitors, which would slow the economic recovery, slow economic growth, and hurt American workers.
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To learn more about the Alliance for Competitive Taxation, visit www.actontaxreform.com.
