After-tax corporate profits rose a year-on-year 6.4 percent in the
second quarter to $1.962 trillion without inventory valuation and
capital consumption adjustments. This is revised from an initial
estimate of 6.7 percent. Pretax profits on this basis were $2.197
trillion for an outright year-on-year decline of 0.1 percent that, in
comparison to the strong gain for after-tax profits, underscores the
significant effect of this year's corporate tax cut.
When
including inventory valuation and capital consumption adjustments,
pre-tax corporate profits rose a year-on-year 7.3 percent to $2.242
trillion with after-tax profits at $2.008 trillion for a 15.8 percent
gain. Taxes on corporate income, at $234.8 billion and which are
calculated on this basis, fell 34.0 percent from the second quarter of
2017 which is a decisive measurement of this year's corporate tax cut.
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