What accounts for this windfall for Uncle Sam and a comparable one for state tax coffers? Corporate profits have been very strong, and government is sharing in the wealth even at a lower rate. Corporate revenue of $454 billion would exceed the annual revenue that CBO predicted from the corporate tax all the way through fiscal 2028 ($448 billion). That compares to CBO’s estimate after tax reform of only $353 billion. (Corporate tax revenue increases in the back half of the year.)
Of the Tax Foundation estimates that if the pace of the first half continues, corporate tax revenue will hit a new record of $454 billion in fiscal 2022. Corporate tax revenue for the first six months was up 22% from a year earlier to $127 billion. Fiscal 2022 is turning out to be even better for the Treasury.
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