REPORT: Under TCJA, Tax Revenue Increases Highest Since 1977

Top Earners, Large Corporations Paid Most
October 13, 2021 — Blog    — Facts Are Stubborn Things    — Press Releases    — Select Revenue Measures    — Talking Points   

As Democrats repeat their debunked claims about the GOP Tax Cuts and Jobs Act and push to surrender to our foreign competitors with raising the corporate tax rate to the third-highest in the developed world, the nonpartisan Congressional Budget Office (CBO) estimates that government revenue rose by 18 percent in 2021  — the biggest one-year increase since 1977.

Large corporations and the wealthiest individuals paid the most, too. Individual income taxes increased by 27.5 percent, with 80 percent coming from the top 10 percent of earners.

CLICK HERE to read the full article from POLITICO.

KEY EXCERPTS:

  • “Though Democrats are hammering the rich for not paying their fair share in taxes, the increase is being driven by levies primarily paid by the well-to-do. For example, corporate tax receipts leapt 75 percent, CBO says.”
  • “At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act.”
  • “The overall revenue increase wasn’t only an anomaly compared to 2020, when receipts fell by just 1.2 percent to $3.420 trillion. Revenues in 2021 still rose 17 percent even when compared to 2019 levels, before the pandemic hit.”

KEY TAKEAWAYS:

The Tax Cuts and Jobs Act (TCJA) Worked to Help All Americans

  • Analysis of CBO data by the Tax Foundation found that Republican tax reform reduced federal tax rates for households across every income level–while increasing the share of taxes paid by the top 1 percent.
  • President Biden wants to repeal the Tax Cuts and Jobs Act, which will cost 6 million U.S jobs over a decade and send jobs and investment back overseas.

READ: The Pinocchio Six: Myths, Lies, and Debunked Claims About Taxes