CORPORATE INCOME TAX LÀ GÌ

     

What Is a Corporate Income Tax?

A corporate income tax (CIT) is levied by federal & state governments on business profits. Many companies are not subject lớn the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax.

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Corporate Tax Rate

Since the Tax Cuts & Jobs Act (TCJA) of 2017, the statutory corporate income tax rate—state & federal combined—is 25.8 percent. The TCJA reduced the federal corporate income tax rate from 35 percent lớn 21 percent, dropping the combined rate from 38.9 percent khổng lồ 25.8 percent và bringing the U.S. Nearer khổng lồ the worldwide average.

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State-level corporate income tax rates vary across the country. Six states (Nevada, Ohio, South Dakota, Texas, Washington, and Wyoming) levy no corporate income tax, while the other 44 states and the District of Columbia do tax corporate profits.

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Explore the latest data on corporate tax rates around the world.

Corporate Tax Base

The CIT generally taxes a business’ profits, which are revenues (what a business makes in sales) minus costs (the cost of doing business).

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However, costs of capital investments—such as equipment, machinery, và buildings—cannot be deducted when they incur. Instead, they have lớn be deducted over an extended period of time, inflating a business’ taxable income và thus increasing the cost of capital.

Carryforwards và carrybacks of net operating losses, as well as inventory valuation, also impact a business’ tax base.

Who Bears the Burden of the Corporate Income Tax?


Businesses in America broadly fall into two categories: C corporations, which pay the corporate income tax, và pass-throughs—such as partnerships, S corporations, LLCs, và sole proprietorships—which “pass” their income “through” khổng lồ their owner’s income tax returns và pay the ordinary individual income tax.

While C corporations are required khổng lồ pay the corporate income tax, the burden of the tax falls not only on the business but also on its consumers & employees through higher prices and lower wages.

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Corporate Tax Revenue

Overall, corporate tax revenue as a percent of total tax revenue has been declining over the last 50 years. This is partly because C corporations tend to be taxed more heavily than pass-through businesses, which has led lớn a decline in C corporations and an increase in pass-through businesses.