Based on research by the Tax Foundation, corporate income taxes make up a small percentage of state tax revenue across the U.S.
This supports the basis for recent proposals put forth by several state Governors to repeal corporate income taxes and increase sales tax rates or broaden the sales tax base.
The research by the Tax Foundation also coincides with the fact that mid-sized companies generally pay more in state indirect taxes (i.e., gross receipts taxes, franchise taxes, sales and use tax, property tax, payroll tax, etc.) than state income taxes.
Go to Tax Foundation - Monday Map for details.
