1000000 or more 500000 to 1000000 250000 to 500000

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$1,000,000 or more$500,000 to $1,000,000$250,000 to $500,000$200,000 to $250,000$100,000 to $200,000$75,000 to $100,000$50,000 to $75,000$40,000 to $50,000$30,000 to $40,000$25,000 to $30,000$20,000 to $25,000$15,000 to $20,000$10,000 to $15,000$5,000 to $10,000$1 to $5,00028.7924.5018.4915.3811.698.727.114.531.64–1.50–4.31–8.31–10.55–6.27–2.49%+0.54 pointsU.S. average–1.48 points+0.38–1.60–1.92–1.89–1.68–1.55–1.47–1.61–3.06–2.29Tax Year 2018effective tax rateChange from TY2017 to TY2018Household adjustedgross incomeChange in Effective Tax RateNote: Reflects returns filed through mid-July, excluding some filed with deadline extensions.Source: Internal Revenue Service–1.32–0.99–0.98–1.36ETR INCREASEDETR DECREASED2020 federal tax revenue projections, in trillionsSource: Congressional Budget OfficeIndividualincome taxesPayroll taxesCorporateincome taxesOther$1.93$1.27$0.38$0.27$1.80$1.28$0.25$0.29as of June 2017as of August 2019
49.both groups, the law generally reduced revenue projections from what they would have been absent the tax overhaul.AND MORE REVENUE IS COMING FROM INDIVIDUALSThe result: Overall tax revenues as a share of the economy have fallen. Within that smaller revenue stream, more is coming from individuals, not companies.LOWER TAX RATES PUSHED UP COMPANIES’ AFTER TAX PROFITSOverall, the U.S. tax-law change helped push global effective tax rates for S&P 500 companies down, to just under 19% from almost 26%—but energy and materials companies saw rates rise, and rates fell modestly for consumer-staples companies.WHAT HAS THE TAX OVERHAUL DONE SO FAR?Source: U.S. Treasury via EvercoreNote: Data based on 12-month rolling average, as of October. Totals may not add to 100 because of rounding.Where Federal Revenue Comes From’one.tabzero.tab’one.tabone.tab’one.tabtwo.tab’one.tabthree.tab’one.tabfour.tab’one.tabfive.tab’one.tabsix.tab’one.tabseven.tab’one.tabeight.tab’one.tabnine.tabfive.tabzero.tab%seven.tabperiod.tabnine.tab%–zero.tabperiod.tabtwo.tabShare of receiptsfour.tabnine.tabperiod.tabseven.tab%six.tabperiod.tabfour.tab%three.tabfive.tabperiod.tabnine.tab%Octobertwo.tabzero.tabone.tabnine.tabTAX LAWIN EFFECT+one.tabperiod.tabfour.tab–two.tabperiod.tabone.tab+zero.tabperiod.tabnine.tabPointdiffperiod.tabfour.tabeight.tabperiod.tabthree.tab%eight.tabperiod.tabfive.tab%three.tabfive.tabperiod.tabone.tab%Octobertwo.tabzero.tabone.tabseven.tabPRE TAXLAWeight.tabperiod.tabone.tab%OtherIndividual income taxesPayroll taxesCorporate taxesTax law in effectProfits before taxesU.S. corporate profitsSource: U.S. Bureau of Economic AnalysisNote: Data are seasonally adjusted at annual rates; without inventory valuation and capital consumption adjustments.dollar.tabtwo.tabperiod.tabfive.tabone.tabperiod.tabzero.tabone.tabperiod.tabfive.tabtwo.tabperiod.tabzero.tabuni00A0trillionQone.tab two.tabzero.tabone.tabsix.tabQone.tab two.tabzero.tabone.tabseven.tabQone.tab two.tabzero.tabone.tabeight.tabQone.tab two.tabzero.tabone.tabnine.tabProfits after taxesThe gap is the amountof corporate incometaxes paidperiod.tab
50.BUT A PICKUP IN THEIR SPENDING DIDN’T LASTHigher profits leave companies with more money to spend or return to shareholders. Proponents argued that companies would invest more in factories, property, vehicles and computers or other equipment. This capital spending, in turn, would stoke production and economic activity

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