Over the past decade, U.S. government revenue generated from corporate income taxes peaked in fiscal 2015 at $344 billion, when profits increased and certain income tax provisions expired. It has decreased over the subsequent years due to federal tax law changes, including lowering the rate to 21% from 35% and more generous depreciation allowances, and last year's pandemic. Fiscal 2020's corporate income tax revenue was $212 billion.
U.S. corporate tax revenue shrinking
Corporate income taxes made up about 6% of the government's total fiscal 2020 revenue. This is down from 11% in 2015. It has been hovering around 1% of GDP for the past several years vs. the 2% average over the past 50 years.