Increase the Corporate Income Tax Rate by 1 Percentage Point
CBO periodically issues a compendium of policy options (called Options for Reducing the Deficit) covering a broad range of issues, as well as separate reports that include options for changing federal tax and spending policies in particular areas. This option appears in one of those publications. The options are derived from many sources and reflect a range of possibilities. For each option, CBO presents an estimate of its effects on the budget but makes no recommendations. Inclusion or exclusion of any particular option does not imply an endorsement or rejection by CBO.
|Billions of Dollars||2023||2024||2025||2026||2027||2028||2029||2030||2031||2032||2023–
|Decrease (-) in the Deficit||-8.2||-11.2||-11.3||-12.6||-13.3||-13.8||-14.2||-14.5||-14.8||-15.4||-56.6||-129.3|
The U.S. statutory corporate income tax rate is 21 percent.
This option would increase the corporate income tax rate by 1 percentage point, to 22 percent.