Corporate Tax Revenue Falls Even as Profits Soar Under Trump

Corporate tax revenue has fallen precipitously under President Trump even as companies’ profits have surged to record highs, a divergence that began after Republicans approved tax breaks allowing firms to write off the cost of their investments more quickly.

Revenue from the corporate income tax, which applies to the profits made by the largest and most sophisticated companies in the United States, fell roughly 15 percent, to $381 billion, in the fiscal year that ended on Oct. 1, according to data released on Friday by the Treasury Department. The roughly $70 billion drop followed a similar decline the previous year. Corporate tax revenue is down more than quarter from 2024, the last full fiscal year of the Biden administration.

Article source: https://www.nytimes.com/2026/10/17/business/trump-corporate-tax-revenue.html