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csmonitor.com]
*Bye-bye corporate tax revenues*
David R. Francis
- Corporate profits are sizzling. Wall Street is cheering. Stock prices are rising again. But Uncle Sam's not getting his full cut. Corporate profits were up 8.9 percent in the fiscal year ended Sept. 30. Federal corporate tax revenues were down 2.5 percent.
Indeed, corporate income tax revenues as a share of corporate profits are sliding.
Washington has its eyes on this oddity, partly for political reasons.
Shrinking corporate tax revenues opens the door to a hot campaign issue. Democrats could accuse the Republicans of expanding *"corporate welfare"* - rewarding generous corporate campaign givers with tax breaks.
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