Tecasss30 Aug 2018 03:51
U.S. Corporate Profits Soared in Second Quarter, Boosted by Tax Cuts and Economic Growth
WASHINGTON—U.S. corporate profits boomed in the second quarter, boosted by large tax cuts and stronger economic growth than initially reported. The Commerce Department said Wednesday that its broadest measure of after-tax profits across the U.S. rose 16.1% in the quarter ended June 30 from a year earlier, the largest year-over-year gain in six years. Because of the lower corporate tax rate signed into law last year, taxes paid by U.S. companies in the quarter were down 33% from a year earlier, according to the government data, or more than $100 billion at an annual rate.