Chart of the Day: Corporate Profits Are Up, Corporate Taxes Are Down

Politico reports on the impact of the Republican tax cut:

Federal tax payments by big businesses are falling much faster than anticipated in the wake of Republicans’ tax cuts, providing ammunition to Democrats who are calling for corporate tax increases. The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected to rebound sharply this year, but so far they’ve only continued to fall, down by almost 9 percent or $11 billion.

This practically begs for a chart, doesn’t it? I’m here to help. The chart below shows corporate profits before and after the Republican tax cut, compared to corporate tax receipts (through May) before and after the tax cut. As you can see, President Trump signed the tax cut into law on December 22, 2017, and it was a very merry Christmas indeed for his big business pals.

Profits are up, taxes are down. And why are corporate taxes down? Because Republicans lowered their tax rate. Duh. You’d think that after 40 years there wouldn’t be anyone left in America who still believes that lowering tax rates will increase tax revenue. But the Republican Party seems to have an endless supply of marks for its con game on behalf of the rich.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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