Figure B
Economic growth and corporate tax rates, 1947–2010
| Year | Real GDP growth | Effective rate on capital income | Statutory rate |
|---|---|---|---|
| 1947 | -0.9% | 38.0% | |
| 1948 | 4.3% | 38.0% | |
| 1949 | -0.5% | 38.0% | |
| 1950 | 8.4% | 42.0% | |
| 1951 | 7.5% | 50.8% | |
| 1952 | 3.8% | 52.0% | |
| 1953 | 4.5% | 52.0% | |
| 1954 | -0.6% | 58.0% | 52.0% |
| 1955 | 7.0% | 44.0% | 52.0% |
| 1956 | 2.0% | 46.0% | 52.0% |
| 1957 | 2.0% | 48.0% | 52.0% |
| 1958 | -0.9% | 47.0% | 52.0% |
| 1959 | 6.9% | 45.0% | 52.0% |
| 1960 | 2.4% | 42.0% | 52.0% |
| 1961 | 2.3% | 42.0% | 52.0% |
| 1962 | 5.9% | 35.0% | 52.0% |
| 1963 | 4.3% | 34.0% | 52.0% |
| 1964 | 5.6% | 31.0% | 50.0% |
| 1965 | 6.2% | 29.0% | 48.0% |
| 1966 | 6.3% | 30.0% | 52.8% |
| 1967 | 2.5% | 33.0% | 52.8% |
| 1968 | 4.7% | 37.0% | 52.8% |
| 1969 | 3.1% | 45.0% | 52.8% |
| 1970 | 0.2% | 42.0% | 49.2% |
| 1971 | 3.3% | 38.0% | 48.0% |
| 1972 | 5.2% | 38.0% | 48.0% |
| 1973 | 5.6% | 38.0% | 48.0% |
| 1974 | -0.6% | 42.0% | 48.0% |
| 1975 | -0.2% | 44.0% | 48.0% |
| 1976 | 5.2% | 40.0% | 48.0% |
| 1977 | 4.5% | 40.0% | 48.0% |
| 1978 | 5.4% | 46.0% | 48.0% |
| 1979 | 3.1% | 45.0% | 46.0% |
| 1980 | -0.3% | 48.0% | 46.0% |
| 1981 | 2.5% | 38.0% | 46.0% |
| 1982 | -2.0% | 35.0% | 46.0% |
| 1983 | 4.4% | 34.0% | 46.0% |
| 1984 | 6.9% | 33.0% | 46.0% |
| 1985 | 4.1% | 33.0% | 46.0% |
| 1986 | 3.4% | 33.0% | 46.0% |
| 1987 | 3.1% | 33.0% | 40.0% |
| 1988 | 4.0% | 33.0% | 34.0% |
| 1989 | 3.5% | 33.0% | 34.0% |
| 1990 | 1.9% | 31.0% | 34.0% |
| 1991 | -0.2% | 30.0% | 34.0% |
| 1992 | 3.3% | 30.0% | 34.0% |
| 1993 | 2.8% | 31.0% | 35.0% |
| 1994 | 4.0% | 30.0% | 35.0% |
| 1995 | 2.5% | 31.0% | 35.0% |
| 1996 | 3.7% | 31.0% | 35.0% |
| 1997 | 4.4% | 31.0% | 35.0% |
| 1998 | 4.3% | 30.0% | 35.0% |
| 1999 | 4.7% | 30.0% | 35.0% |
| 2000 | 4.1% | 31.0% | 35.0% |
| 2001 | 1.1% | 30.0% | 35.0% |
| 2002 | 1.8% | 29.0% | 35.0% |
| 2003 | 2.5% | 23.0% | 35.0% |
| 2004 | 3.4% | 26.0% | 35.0% |
| 2005 | 3.0% | 30.0% | 35.0% |
| 2006 | 2.6% | 35.0% | |
| 2007 | 1.9% | 35.0% | |
| 2008 | -0.3% | 35.0% | |
| 2009 | -3.5% | 35.0% | |
| 2010 | 3.0% | 35.0% |
Source: Author's analysis of Bureau of Economic Analysis National Income and Product Accounts data (Table 1.1.1), Internal Revenue Service Statistics of Income Historical Table 24, and Gravelle (2006)
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