How to Make Corporate Income Taxes Work for America Again

Since the 2025 budget law, aka the One Big Beautiful Bill Act, was enacted, US corporate income tax revenue has fallen 28%. This was an expected consequence of the law’s provisions that allow businesses to fully expense spending on research and development, equipment and some other investments rather than writing them off over several years, and it will be reversed to some extent as those write-offs aren’t taken on future tax returns. But the decline highlights the narrowing and fragility of a t