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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