U.S. president Donald Trump has promised to slash taxes and wants to reduce the corporate tax rate to 15 percent. It is the third biggest source of tax revenue in the United States. The biggest source by far is the individual income tax. It is estimated to amount to 49 percent (or $1.57 trillion) of all receipts this fiscal year. According to insidegov.com the income tax is levied on over 100 million American households each year.
If Trump gets his way the composition of tax revenue is set to change and the estimated 11 percent ($368 billion) tax revenue from corporate income will probably shrink. Corporate income tax is imposed at the federal level on all entities treated as corporations.
United States Federal Tax Revenue
Tax Revenue in the U.S.
Description
This chart shows estimated composition of tax revenue in fiscal year 2017 (in percent)
