corporate income tax


corporate income tax

Tax imposed by public authorities on the incomes of corporations. Virtually all countries assess taxes on the net profits of corporations; most are flat-rate levies rather than extensively graduated taxes. A corporate income tax was adopted by the U.S. government in 1909; three-fourths of the states also levy corporate income taxes. See also capital gains tax; income tax.

This entry comes from Encyclopædia Britannica Concise.
For the full entry on corporate income tax, visit Britannica.com.

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