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The Recent Surge in Corporate Profits and Tax Revenue

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Publication Date: November 2006

Publisher(s): Tax Policy Center

Author(s): Adam Carasso; Gillian Reynolds; C. Eugene Steuerle

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Tax Policy; Tax Distribution and Economic Trends; Savings; Wealth and Retirement

Type: Report

Abstract:

Before-tax corporate profits of nonfinancial corporations surged to 7.8 percent of net national product in the second quarter of 2006, having risen steadily from a post-war low of 3.6 percent, in the fourth quarter of 2001, after a stock market plunge. We find that the income of corporate capital owners of nonfinancial corporations, net corporate tax, has remained much steadier than corporate profits.