U.S. corporations made a record $2.03 trillion in profits after taxes in 2018,
That means U.S. corporate profits after taxes grew 16.2% in 2018,
Profit before taxes were $2.26 trillion in 2018,
This means profitability before taxes grew 7.8% in 2018, not a bad growth rate but not as phenomenal as 16.2% after taxes. More than half of the growth in profit after taxes was down to tax cuts.
Obviously, given the tax cuts on corporate profits, tax income on corporate profits fell from $350 billion in 2017 to $231 billion in 2018.
