35 years ago corporate taxes provided about 35% of federal tax revenue. Today that figure is 9% ! How were these tax cuts paid for ? With national debt.
Who grew the national debt?
Reagan $848 B to $2,698 B
Increase 218%
Bush I $2,698 B to $4,188 B
Increase 55%
Clinton $4,188 B to $5,728 B
Increase 37%
Bush II $5,278 B to $10,627 B
Increase 86%
Obama $10,627 B to $14,288 B
Increase 34%
Notes:
Reagan - enacted a huge tax cut in 1981 without an offsetting cut in federal expenditures. The result the greatest percentage increase in debt in our history including WW II !
Bush I - merely continued Reagan's deficit spending dynamic.
Clinton - inherited the Reagan/Bush fiscal imbalance. Nevertheless, based on economic growth of the late 1990's, when he left office the national debt was forecast to be settled in full within a decade.
Bush II - enacted the greatest reduction in federal taxes in our history, financed Medicare Part D without one dollar raised in new taxes, prosecuted two wars Iraq and Afghanistan costing trillions without a nickel in new taxes.
Result; in eight years he doubled the national debt.
Obama - inherited the fiscal imbalance created by Bush II and a congress that refused to deal honestly with the fiscal crisis and raise taxes.
Add to this Reagan and Bush II have raided the social security trust fund for over 3 Trillion which congress to date has refused to pay back with new taxes.
There was a time when facts mattered.
Trump says the US has the highest corporate tax rate in the world. He's wrong. - Vox