Federal Corporate Tax Rates (1980–2024)
Period Top Statutory Corporate Tax Rate Notable Changes
1980–1986 46% Pre-Tax Reform Act of 1986 rates
1987 40% Transitional rates post-1986 tax reform
1988–1992 34% Post-reform simplification
1993–2017 35% Stable top rate across multiple administrations
2018–present 21% Flat rate introduced by the Tax Cuts and Jobs Act (TCJA) of 2017
Fiscal Year Revenue (USD billions) % of GDP Notes
1980 $64.6 2.6% Pre-1986 reform baseline
1990 $93.5 1.6% Economic slowdown impacts revenues
2000 $207.3 2.0% Dot-com boom peak
2010 $138.2 0.9% Post-Great Recession low
2017 $297.0 1.5% Final year before TCJA
2018 $204.7 1.0% Sharp decline following TCJA implementation
2020 $225.2 1.0% Pandemic-related economic downturn
2021 $334.1 1.5% Recovery begins
2022 $401.5 1.6% Continued growth
2023 $445.1 1.7% Exceeded pre-TCJA levels
2024 $489.6 1.8% Highest since TCJA