Excerpts from Statistics of Income

Courtesy of IRS

• Corporate pretax profits reported on returns for tax year 2002 declined by 6.6 percent, to $563.7 billion. The finance and insurance sector showed the largest decrease, down 7.9 percent to $247.0 billion. Total income tax before credits decreased 5.1 percent to $209.7 billion, and income tax after credits dropped 7.9 percent to $153.6 billion. The alternative minimum tax increased 40.6 percent to $2.5 billion.

• For tax year 2003, nonfarm sole proprietorship profits increased 4.2 percent to $230.3 billion. The largest percentage increases for major industrial sectors were 13.1 percent for real estate and rental and leasing, 7.3 percent for transportation and warehousing, and 7.1 percent for professional, scientific and technical services. The wholesale trade sector, however, reported a 4.3 percent decrease, while health care and social assistance profits fell by 3.5 percent.

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