If the Senate needs another reason not to raise the corporate tax rate, the monthly Treasury budget statement provides it. The latest numbers show that corporate tax receipts in the first two months of the fiscal year were 158% higher than a year ago.

Corporate tax revenue has surged over the past year, increasing to a level higher than before the 2017 tax cuts. In fiscal 2021, corporate tax receipts increased 75% to $372 billion, the largest amount ever collected. This record-breaking amount was collected at the 21% rate, showing that growth-stifling higher tax rates do not necessarily result in higher tax revenue.

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