From the course: Finance Foundations: Income Taxes
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How large are corporate income taxes?
From the course: Finance Foundations: Income Taxes
How large are corporate income taxes?
- In 2019, the United Stated Federal Government was expected to collect a total of $1.9 trillion in income taxes. Now what fraction of that $1.9 trillion do you think comes from corporations? - I don't know the exact number, but I'm sure but I'm sure it's pretty small. it's pretty small. The majority of income in any society is generated through the work of individuals, not through shareholder profits. - [Jim] Well you're right there. Of the $1.9 trillion in US Federal income taxes in 2019, only $225 billion, or 12% comes from corporations. The vast majority of income tax is collected from individuals. - Sometimes you read press reports saying that corporations don't pay any income taxes at all. corporations don't payany income taxes at all. - Well it is true that some corporations have used clever, aggressive tax planning clever, aggressive tax planning to pay to pay only small amounts of income taxes. only small amounts of income taxes. I don't want to mentionany names but you can…
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