The individual and corporate provisions in the bill together raise $2.1 trillion over 10 years, enough to make a meaningful dent in collective challenges like educating the next generation or preparing for a climate or health crisis. Income taxes that individuals pay directly would rise only for the richest households, including just half a percent of West Virginians and 1.1% of Arizonans. Those who gain the most from our system, the richest 1%, pay 97% of the individual tax increases in this bill.
It’s not just a few avoiders: U.S. corporate tax collection is low across the board. Corporate taxes accounted for just 1% of U.S. GDP in 2019, lower than every major economy, lower than all OECD countries except Hungary, Latvia and Greece, and lower than at any point in recent history outside of recessions.
