In 2020 the personal income tax was expected to raise $1.81 trillion and the corporate income tax $260 billion, for a total of $2.07 trillion. For a little more than $2 trillion, Congress could suspend the personal and corporate income tax for a year. Roughly 150 million workers would no longer have income tax withheld from their paychecks, providing an enormous boost to their incomes and their incentive to work. America’s 30 million or so small businesses would no longer have to pay, collect or calculate the income tax for a year. For 12 months the U.S. would have the world’s lowest corporate tax in the world, boosting profits and stock values and attracting capital.

Source: Wall Street Journal October 06, 2020 16:52 UTC