As President Biden Unveils $6T Budget Plan, Republicans Sound The Alarm Despite Trump's Previous Big Spending

Among other notable changes, according to the Congressional Budget Office, federal corporate income tax receipts as a share of GDP shrunk from 1.6% in 2016, before Trump took office, to 1.1% in 2019, even as corporate profits ballooned 18% between the first quarter of 2016 and the last quarter of 2019, according to data from the Bureau of Economic Analysis. The shrinking corporate tax receipts were, of course, a result of Trump’s flagship achievement—the Tax Cuts and Jobs Act of 2017, which cut the corporate tax rate from 35% to 21%.