The Congressional Budget Office is out with its projections for 2012, so we’re mining it for the things that matter, and here’s one — corporate tax revenue.
CBO says: In 2012 we’re going to see a spike of about 40% ($70 billion) to 1.6% of GDP. Then in 2014, we should see a major spike of about 70%.
- A bunch of tax provisions are going to expire, and provisions that move tax payments to 2014. For example: From 2008-2010 companies could immediately expense investments in equipment. In the 2010 tax act they were allowed to deduct 100% — after 2012, this rule should go to pre 2008 form.
- “According to CBO’s calculations, provisions in seven different laws—including the Worker, Home- ownership, and Business Assistance Act of 2009 (P.L. 111-92) and the Hiring Incentives to Restore Employment Act (P.L. 111-147)—will cause $42 billion in corporations’ estimated tax payments to be shifted from 2015, 2016, and 2017 into 2014”
Check out the chart below: