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"The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected to rebound sharply this year, but so far they’ve only continued to fall, down by almost 9 percent or $11 billion."
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Though business profits remain healthy and the economy is strong, total corporate taxes are at the lowest levels seen in more than 50 years. At the same time, overall taxes paid by individuals under the new tax law are up so far this year by 3 percent, thanks to higher wages and salaries, according to the Congressional Budget Office. Last year tax payments by individuals went up 4 percent. The drop comes even as some Republicans, such as Treasury Secretary Steven Mnuchin, have claimed, dubiously, that the law will pay for itself.