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Data: Bureau of Economic Analysis via FRED; Chart: Axios Visuals

Corporate taxes are lower, as a percentage of GDP, then they've ever been. And they're likely to stay there, if Senate Majority Leader Mitch McConnell refuses to bring any tax-hike bills to the floor.

By the numbers: Before 2018, corporate income taxes had fallen below 1% of GDP only once, for three quarters at the nadir of the Great Recession in 2008-09.

  • Nowadays, that's normal: They've been less than 1% of GDP in five of the past 10 quarters.

Between the lines: A recent paper by Steve Rosenthal and Theo Burke at the Urban-Brookings Tax Policy Center makes the point that corporate taxes are one of the few ways that the U.S. government can effectively levy taxes on foreigners.

  • "Foreigners now hold about 40 percent of total U.S. equity," they write — which means that they also reap much of the benefit from corporate tax cuts.

Go deeper

Dan Primack, author of Pro Rata
Nov 20, 2020 - Economy & Business

Robert Smith's image rehab

Illustration: Eniola Odetunde/Axios

Robert Smith on Wednesday made his first public appearance since copping to tax fraud, and agreeing to pay $140 million in back taxes and penalties, appearing on a "Race and Corporate America" panel at the New York Times DealBook Summit.

Why it matters: Smith didn't just get a pass, he got image rehab from his fellow panelists.

Senate confirms Rhode Island Gov. Gina Raimondo as commerce secretary

Rhode Island Gov. Gina Raimondo (D). Photo: David L. Ryan/The Boston Globe via Getty Images

The Senate voted 84-15 on Tuesday to confirm Rhode Island Gov. Gina Raimondo to lead the Commerce Department.

Why it matters: The agency promotes U.S. industry, oversees the Census Bureau, plays a key role in the government's study of climate change through the National Oceanic and Atmospheric Administration, and evaluates emerging technology through the National Institute of Standards and Technology.

Updated 33 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: CDC director warns "now is not the time" to lift COVID restrictions — Exclusive: Teenagers' mental health claims doubled last spring.
  2. Axios-Ipsos poll: Americans' hopes rise after a year of COVID
  3. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals — Vaccine hesitancy is shrinking.
  4. World: China and Russia vaccinate the world, for now.
  5. Energy: Global carbon emissions rebound to pre-COVID levels.
  6. Local: Florida gets more good vaccine newsMinnesota's hunger problem grows amid pandemic — Denver's fitness industry eyes a pandemic recovery.

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