The second report of the BEA also includes initial estimates of corporate profits and the taxes they pay (as well as much else). The purpose of this note is to update an earlier post on this blog that examined what happened to corporate profit tax revenuesfollowing the Trump / GOP tax cuts of late 2017. That earlier post was based on figures for just the first half of 2018.

We now have figures for the full year, and they confirm what had earlier been found – corporate profit tax revenues have indeed plummeted. As seen in the chart at the top of this post, corporate profit taxes were in the range of only $150 to $160 billion (at annual rates) in the four quarters of 2018. This was less than half the $300 to $350 billion range in the years before 2018. And there is no sign that this collapse in revenues was due to special circumstances of one quarter or another. We see it in all four quarters.

https://aneconomicsense.org/2019/03/28/taxes-on-corporate-profits-have-continued-to-collapse/