The Trump tax cuts didn't increase investment—but they did increase corporate profit hoarding
Undistributed domestic corporate profits as a percent of domestic corporate gross value added, 2002Q2–2018Q3
| Quarter | Undistributed profits as a percent of corporate gross value added |
|---|---|
| 2002Q2 | 3.2% |
| 2002Q3 | 3.7% |
| 2002Q4 | 4.0% |
| 2003Q1 | 4.4% |
| 2003Q2 | 3.5% |
| 2003Q3 | 4.2% |
| 2003Q4 | 3.8% |
| 2004Q1 | 4.4% |
| 2004Q2 | 4.8% |
| 2004Q3 | 5.0% |
| 2004Q4 | 2.9% |
| 2005Q1 | 5.1% |
| 2005Q2 | 6.0% |
| 2005Q3 | 8.0% |
| 2005Q4 | 9.7% |
| 2006Q1 | 4.7% |
| 2006Q2 | 4.4% |
| 2006Q3 | 3.9% |
| 2006Q4 | 2.0% |
| 2007Q1 | 1.7% |
| 2007Q2 | 2.1% |
| 2007Q3 | 0.7% |
| 2007Q4 | -0.1% |
| 2008Q1 | 0.2% |
| 2008Q2 | -0.1% |
| 2008Q3 | 0.4% |
| 2008Q4 | -1.5% |
| 2009Q1 | 1.9% |
| 2009Q2 | 3.1% |
| 2009Q3 | 5.7% |
| 2009Q4 | 6.1% |
| 2010Q1 | 6.3% |
| 2010Q2 | 6.3% |
| 2010Q3 | 7.2% |
| 2010Q4 | 6.8% |
| 2011Q1 | 4.5% |
| 2011Q2 | 5.7% |
| 2011Q3 | 5.9% |
| 2011Q4 | 6.6% |
| 2012Q1 | 6.3% |
| 2012Q2 | 6.2% |
| 2012Q3 | 5.8% |
| 2012Q4 | 3.1% |
| 2013Q1 | 5.5% |
| 2013Q2 | 3.2% |
| 2013Q3 | 3.8% |
| 2013Q4 | 3.6% |
| 2014Q1 | 2.7% |
| 2014Q2 | 3.8% |
| 2014Q3 | 4.3% |
| 2014Q4 | 4.0% |
| 2015Q1 | 3.0% |
| 2015Q2 | 3.1% |
| 2015Q3 | 2.6% |
| 2015Q4 | 1.1% |
| 2016Q1 | 1.8% |
| 2016Q2 | 2.1% |
| 2016Q3 | 2.1% |
| 2016Q4 | 2.2% |
| 2017Q1 | 2.3% |
| 2017Q2 | 2.2% |
| 2017Q3 | 3.1% |
| 2017Q4 | 2.6% |
| 2018Q1 | 13.7% |
| 2018Q2 | 9.3% |
| 2018Q3 | 7.2% |
Percent change in real nonresidential fixed investment, 2002Q2–2018Q3
| Quarter | Real nonresidential fixed investment |
|---|---|
| 2002Q2 | -1.1% |
| 2002Q3 | -0.3% |
| 2002Q4 | -1.3% |
| 2003Q1 | 0.5% |
| 2003Q2 | 2.8% |
| 2003Q3 | 2.1% |
| 2003Q4 | 1.3% |
| 2004Q1 | -1.0% |
| 2004Q2 | 2.5% |
| 2004Q3 | 2.9% |
| 2004Q4 | 2.1% |
| 2005Q1 | 1.5% |
| 2005Q2 | 1.6% |
| 2005Q3 | 2.1% |
| 2005Q4 | 0.8% |
| 2006Q1 | 3.4% |
| 2006Q2 | 1.7% |
| 2006Q3 | 1.7% |
| 2006Q4 | 1.1% |
| 2007Q1 | 1.8% |
| 2007Q2 | 2.2% |
| 2007Q3 | 1.6% |
| 2007Q4 | 1.5% |
| 2008Q1 | 0.4% |
| 2008Q2 | 0.2% |
| 2008Q3 | -1.9% |
| 2008Q4 | -5.8% |
| 2009Q1 | -7.5% |
| 2009Q2 | -3.0% |
| 2009Q3 | -0.6% |
| 2009Q4 | 0.7% |
| 2010Q1 | 0.7% |
| 2010Q2 | 3.3% |
| 2010Q3 | 2.7% |
| 2010Q4 | 1.9% |
| 2011Q1 | -0.1% |
| 2011Q2 | 2.6% |
| 2011Q3 | 4.7% |
| 2011Q4 | 2.6% |
| 2012Q1 | 2.6% |
| 2012Q2 | 2.2% |
| 2012Q3 | -0.3% |
| 2012Q4 | 1.1% |
| 2013Q1 | 1.3% |
| 2013Q2 | 0.3% |
| 2013Q3 | 1.7% |
| 2013Q4 | 2.0% |
| 2014Q1 | 1.3% |
| 2014Q2 | 2.3% |
| 2014Q3 | 2.1% |
| 2014Q4 | 0.5% |
| 2015Q1 | -0.4% |
| 2015Q2 | 0.5% |
| 2015Q3 | 0.3% |
| 2015Q4 | -1.0% |
| 2016Q1 | -0.3% |
| 2016Q2 | 0.9% |
| 2016Q3 | 1.1% |
| 2016Q4 | 0.0% |
| 2017Q1 | 2.3% |
| 2017Q2 | 1.8% |
| 2017Q3 | 0.8% |
| 2017Q4 | 1.2% |
| 2018Q1 | 2.8% |
| 2018Q2 | 2.1% |
| 2018Q3 | 0.6% |
Source: EPI analysis of data from Tables 1.1.6 and 1.14 from the National Income and Product Accounts (NIPA) from the Bureau of Economic Analysis (BEA). TCJA stands for the Tax Cuts and Jobs Act of 2017. Shaded areas denote recessions.