Recent economic research has improved our understanding of who bears the burden of the corporate income tax. One key finding is that returns to corporate capital are substantially "supernormal," returns in excess of the "normal" riskless return to waiting. The other key result is that international capital mobility shifts some of the corporate income tax burden to labor. Based on these recent research findings, for standard distributional analyses TPC now assigns 20 percent of the corporate income tax burden to labor, 20 percent to normal returns to all capital, and 60 percent to supernormal returns to corporate equity (shareholders).