Figure A
After-tax corporate profits spike in the wake of the TCJA, while taxes on corporate income plummet: After-tax corporate profits and taxes on corporate income, as a share of GDP, 2007Q4 to 2018Q2
| After-tax corporate profits with IVA and CCAdj | Taxes on corporate income | |
|---|---|---|
| 2007Q4 | 7.7% | 2.4% |
| 2008Q1 | 7.4% | 2.0% |
| 2008Q2 | 7.3% | 1.9% |
| 2008Q3 | 7.4% | 1.8% |
| 2008Q4 | 5.8% | 1.2% |
| 2009Q1 | 7.5% | 1.2% |
| 2009Q2 | 7.6% | 1.4% |
| 2009Q3 | 8.7% | 1.4% |
| 2009Q4 | 9.0% | 1.7% |
| 2010Q1 | 9.4% | 1.7% |
| 2010Q2 | 9.2% | 1.8% |
| 2010Q3 | 10.1% | 1.9% |
| 2010Q4 | 10.1% | 1.9% |
| 2011Q1 | 9.1% | 1.9% |
| 2011Q2 | 9.7% | 1.8% |
| 2011Q3 | 10.0% | 1.6% |
| 2011Q4 | 10.5% | 1.9% |
| 2012Q1 | 10.6% | 2.0% |
| 2012Q2 | 10.4% | 2.1% |
| 2012Q3 | 10.1% | 2.1% |
| 2012Q4 | 10.0% | 2.1% |
| 2013Q1 | 9.8% | 2.2% |
| 2013Q2 | 9.9% | 2.1% |
| 2013Q3 | 9.8% | 2.2% |
| 2013Q4 | 9.8% | 2.2% |
| 2014Q1 | 9.2% | 2.4% |
| 2014Q2 | 9.8% | 2.4% |
| 2014Q3 | 10.1% | 2.2% |
| 2014Q4 | 9.9% | 2.3% |
| 2015Q1 | 9.6% | 2.3% |
| 2015Q2 | 9.2% | 2.3% |
| 2015Q3 | 9.1% | 2.1% |
| 2015Q4 | 8.6% | 2.0% |
| 2016Q1 | 8.8% | 2.1% |
| 2016Q2 | 8.8% | 2.1% |
| 2016Q3 | 8.7% | 2.2% |
| 2016Q4 | 8.9% | 2.0% |
| 2017Q1 | 8.9% | 1.8% |
| 2017Q2 | 9.0% | 1.8% |
| 2017Q3 | 8.9% | 1.9% |
| 2017Q4 | 9.2% | 1.7% |
| 2018Q1 | 9.8% | 1.1% |
| 2018Q2 | 9.8% | 1.2% |
Note: Shaded areas denote recessions.
Source: EPI analysis of BEA NIPA tables 1.1.5 and 1.12.
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