From 2004 to 2006, corporate tax receipts grew at an annual rate of more
than 25 percent. Last year, they totaled $354 billion, compared with just
$132 billion in 2003.
By my calculations, an increase from $132 billion to $354 billion over three
years would constitute an average growth rate of much more than 25% per year:
38.9%, to be precise. I assume the 25% number is the minimum for any given year.
But I have to say I’m surprised at this – have companies really become
that bad at minimizing their taxes? I’m sure their profits didn’t rise as fast
as their tax bills did.