The 2017 Tax Cuts and Jobs Act lowered the federal corporate income tax rate from 35 percent to 21 percent, effective January 1, 2018.
The Congressional Budget Office projects federal corporate income tax receipts of roughly $500 billion in fiscal year 2024, about 10 percent of total federal revenue.
Supporters of raising the rate argue corporations should contribute more to federal revenue; critics argue higher rates reduce investment, wages, and U.S. competitiveness.
The OECD-brokered global minimum tax agreement set a 15 percent floor on large multinational corporate income, which more than 140 jurisdictions agreed to in 2021.
Changing the federal corporate tax rate requires an act of Congress signed by the president; it cannot be changed by executive action alone.