From
1789 throughout the 1800s, the US federal government revenue was raised using
Tariffs, Fees and Land Sales. By 1900, the US had expanded its land area from
the original 13 colonies to 3.9 million square miles. After 1900, Income Taxes
and Corporate Taxes replaced Tariffs and Land Sales and Fines were added.
The US
Corporate Tax Rate started modestly at 1%, but increased to 6% in 1917, 12% in
1918 fund wars and pay war debt for World War I. In 1922 it moved to 12.5% when US
infrastructure was being built. The Depression brought it to 15% in 1935.
Anticipating World War II, the corporate tax rose to 19% in 1938, 24% in 1940,
31% in 1941 and 40% in 1942 where it remained until 1950 when it decreased to
38%. I jumped to 50% in 1951 due to the Korean War, backed down to 48% in 1965
and jumped up to 53% in 1968 for the Vietnam War. Reagan got the corporate tax
reduced to 34% by 1988. Clinton raised
it to 35% in 1993. Trump got it reduced to 21% for 2018.
US
Corporate Top Tax Rate History from 1909 to 2019 is listed below.
1909
1% Taft
1916
2% Wilson
1917
6% WWI
1918
12% WWI
1919
10% WWI
1922
12.5% Harding
1925
13% Coolidge
1926
13.5%
1928
12%
1929
11% Hoover
1930
12% Dust Bowl
1932
13.8% Depression
1936
15% Roosevelt
1938
19% WWII
1940
24% WWII
1941
31% WWII
1942
40% WWII
1950
38% Truman
1951
51% Korean War
1952
52% Eisenhower
1964
50% Kennedy
1965
48%
1968
53%Vietnam
1970
49.2% Nixon
1971
48%
1979
46% Carter
1987
40% Reagan
1988
34%
1993
35% Clinton
2018
21% Trump
By
2016, the US had failed to reduce the US Corporate Tax Rates, while all other
countries lowered theirs to attract US manufacturing. Trump lowered the
Corporate Taxes from the highest on the planet to the middle to attract US
manufacturing back to the US to create jobs.
US Corporate Tax Rates rose with the Individual Tax Rates to pay for
military foreign aid from 1917 to 2017.
Norb Leahy, Dunwoody
GA Tea Party Leader
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