<p>Corporate Profits Rose, Tax Rates Fell Under TCJA, ITEP Says</p>

Corporate Profits Rose, Tax Rates Fell Under TCJA, ITEP Says

Institute on Taxation and Economic Policy

The biggest companies in the United States saw profits rise 44 percent and tax bills dip 16 percent because of Tax Cuts and Jobs Act provisions that reduced the statutory tax rate from 35 percent to 21 percent and provided “special tax breaks and loopholes,” the Institute on Taxation and Economic Policy said in a report released May 2.

<p>The biggest companies in the United States saw profits rise 44 percent and tax bills dip 16 percent because of Tax Cuts and Jobs Act provisions that reduced the statutory tax rate from 35 percent to 21 percent and provided “special tax breaks and loopholes,” the Institute on Taxation and Economic Policy said in a report released May 2.</p>