January 11, 1985 05:02 PM | Permalink |
It’s no secret. The federal corporate income tax is but a loophole-riddled shadow of its former self. Back in the 1950s and 1960s, it contributed a quarter of all federal revenues. By 1983, its share had dropped to 6.2%, with loopholes reducing corporate tax revenue by $1.67 for every dollar actually collected.