History
The first federal income tax was enacted in 1861, and expired in 1872, amid Constitutional challenges. A corporate income tax was enacted in 1894, but a key aspect of it was shortly held unconstitutional. In 1909, Congress enacted an excise tax on corporations based on income. After ratification of the Sixteenth amendment to the U.S. Constitution, this became the corporate provisions of the federal income tax. Amendments to various provisions affecting corporations have been in most or all revenue acts since. Corporate tax provisions are incorporated in Title 26 of the United States Code, known as the Internal Revenue Code. The present rate of tax on corporate income was adopted in the Tax Reform Act of 1986.
In 2010, corporate tax revenue constituted about 9% of all federal revenues or 1.3% of GDP.
Read more about this topic: Corporate Tax In The United States
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