The federal corporate tax rate reached a peak of 52% during the Korean War period from 1952 to 1963.That rate is more than twice the current level.Specifically, Congress maintained rates above 40% from the early 1940s through the mid-1970s.Reagan-era tax reform legislation then reduced the rate to 34% in 1987.Consequently, the current corp income tax rate of 21% represents a historically low level.The U.S. has not seen rates this low since the corporate income tax system reached full scale in the 1940s.Furthermore, the corporate federal income tax rate of 35% that applied from 1993 through 2017 ranked among the highest in the developed world.This contributed directly to the base-erosion behaviors that OECD Pillar Two now addresses globally.