America has the second-highest corporate tax rate on Earth. Economists say that this puts America at a competitive disadvantage. So to spur growth and help get us out of the Great Recession, some have urged Congress to lower the corporate tax rate. But rather than cutting rates, why not suspend the Corporation Income Tax altogether?In the Age of Trillion-Dollar Deficits, what would that do to federal revenue?The highest federal revenue from the corporate income tax for any fiscal year was $370B in 2007. By contrast, fiscal year 2009 saw total corporate income tax revenue fall to $138B, a drop of 62.7 percent. (All years cited herein are fiscal years. Data herein can be found in the OMB's latest Historical Tables, pages 31-33. Chart below.)But 2007 was a rather good year, when total federal revenue hit the all-time record of $2.568 trillion; while 2009, an indisputably dismal year, saw total federal revenue slide to $2.104 trillion, an 18-percent decline. So the percentage decline in...(Read Full Article)