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Gustav Socks
Gustav Socks


Findings In this cross-sectional study that compared the profits of 35 large pharmaceutical companies with those of 357 large, nonpharmaceutical companies from 2000 to 2018, the median net income (earnings) expressed as a fraction of revenue was significantly greater for pharmaceutical companies compared with nonpharmaceutical companies (13.8% vs 7.7%).


Design, Setting, and Participants This cross-sectional study compared the annual profits of 35 large pharmaceutical companies with 357 companies in the S&P 500 Index from 2000 to 2018 using information from annual financial reports. A statistically significant differential profit margin favoring pharmaceutical companies was evidence of greater profitability.

Under the Big Oil Windfall Profits Tax, large oil companies that produce or import at least 300,000 barrels of oil per day (or did so in 2019) will owe a per-barrel tax equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019, a period when big oil companies were already earning large profits. The quarterly tax will apply to both domestically produced and imported barrels of oil to ensure a level playing field. Smaller companies accounting for roughly 70 percent of the domestic production will be exempt, so oil giants like Exxon Mobil and Chevron cannot simply gouge consumers further without the threat of losing market share.

Revenue raised from the windfall profits of big oil companies will be returned to consumers in the form of a quarterly rebate, which would phase out for single filers who earn more than $75,000 in annual income and joint filers who earn more than $150,000. At $120 per barrel of oil, the levy would raise approximately $45 billion per year. At that price, single filers would receive approximately $240 each year and joint filers would receive roughly $360 each year.

By exploiting new macroeconomic data known as foreign affiliates statistics, we show that affiliates of foreign multinational firms are an order of magnitude more profitable than local firms in low-tax countries. By contrast, affiliates of foreign multinationals are less profitable than local firms in high-tax countries. Leveraging this differential profitability, we estimate that close to 40% of multinational profits are shifted to tax havens globally. We analyze how the location of corporate profits would change if all countries adopted the same effective corporate tax rate, keeping global profits and investment constant. Profits would increase by about 15% in high-tax European Union countries, 10% in the United States, while they would fall by 60% in today's tax havens. We provide a new international database of GDP, trade balances, and factor shares corrected for profit shifting, showing that the rise of the corporate capital share is significantly under-estimated in high-tax countries.

The decline in profits is also why the American Petroleum Institute, Exxon Mobil, and other oil companies are lobbying to lift the crude oil export ban, which would enable them to sell their domestic oil at the world, or Brent, price that fetched nearly $10 per barrel more than the domestic, or West Texas Intermediate, price on February 7. Lifting the ban would force the United States to import more expensive foreign oil to replace the exported domestic oil, which could raise gasoline prices. Banking giant Barclays Plc predicts that lifting the current ban could add $10 billion annually to gasoline prices paid at the pump.

Main measures: Patient care revenues and profits per patient day at Black-serving hospitals (the top 10% of hospitals ranked by the share of Black patients among all Medicare inpatients) and at other hospitals, unadjusted and adjusted for differences in case mix and hospital characteristics.

Key results: Among the 574 Black-serving hospitals, an average of 43.7% of Medicare inpatients were Black, vs. 5.2% at the 5,166 other hospitals. Black-serving hospitals were slightly larger, and were more often urban, teaching, and for-profit or government (vs. non-profit) owned. Patient care revenues and profits averaged $1,736 and $-17 per patient day respectively at Black-serving hospitals vs. $2,213 and $126 per patient day at other hospitals (p

A good Amazon sales tracker will provide sellers with several data points to help run their business more efficiently. Metrics such as gross revenue, net profit after costs, orders, refunds, and ROI trends over time are all critical benchmark KPIs to keep tabs on. Amazon profitability software should be easy to read with performance over time, product listings, and sales graphs organized modularly. In addition to analyzing Amazon seller profit, an effective sales tracker will also provide restock suggestions and basic inventory management. Quality Amazon sales trackers go beyond simply monitoring Amazon product sales. Make sure your Amazon profitability tool organizes your profits, sales, and margins in a way that paints a holistic picture of your business.

Profits can account for a significant part of domestic price formation and affect the pass-through of changes in costs to final prices. National accounts contain a broad measure of profits, gross operating surplus, which can tell us more about the role of profits for domestic price pressures, as measured in the GDP deflator. Chart A depicts this role in terms of movements in unit profits, thus gross operating surplus divided by real GDP, the measure of profit margins used in this box. Unit profits accounted for roughly one-third of the increase in the euro area GDP deflator over the past two decades. This box illustrates how profits have recently shaped domestic price pressures in the euro area. It explains which factors are the main drivers of the movements in profit margins and discusses how they have likely contributed to their recent developments.

The contributions from unit profits to domestic cost pressures decreased in 2018 and slightly strengthened but remained low during the first half of 2019. Unit profit growth weakened noticeably in the course of 2018, that is to say, over the period when wage growth (measured in terms of compensation per employee) and unit labour cost growth picked up strongly, thereby restraining the pace of increase in the growth rate of the GDP deflator (see Chart A). In the first half of 2019, unit profit growth turned slightly positive and supported the gradual further increase in the growth rate of the GDP deflator. At the aggregate level, there are two main driving factors that typically account for the movements in the unit profit contribution, the economic cycle and the terms of trade.

Profit margins are empirically found to procyclically move alongside developments in economic activity (see Chart B). In a downturn, unit labour costs typically rise since contractually fixed wages respond only with some delay to the downturn, while labour productivity drops immediately given the faster downward reaction of output than employment. As the weaker economic environment limits the scope for offsetting price increases, there is a squeeze in profit margins in a downturn and vice versa in an upswing. Profit margins, hence, show a strong positive response to real GDP and labour productivity developments as broad cyclical indicators. Chart B illustrates that this comovement also pertained in 2018 when growth in unit profits weakened in tandem with the slowdown in real GDP and labour productivity growth. In the first half of 2019, the deteriorations in all three indicators came to a halt, while unit profit growth had already started to strengthen gradually, reflecting the impact of other factors than the cycle.

The sector composition of developments in unit profits confirms that the weakening in unit profits in 2018 occurred mainly in cyclically-sensitive sectors, while the gradual strengthening in unit profits in the first half of 2019 reflected developments in less cyclically sensitive sectors (see Chart D). A procyclical impact on unit profits is visible, in particular, for the industrial sector (excluding construction), which is heavily exposed to developments in trade and has thus suffered the most from the deterioration in the global environment and the euro area business cycle since end-2017. The deterioration in the terms of trade associated with the rebound in oil prices in the course of 2018 is likely to have contributed to the moderation in profit margins in 2018 particularly in sectors such as transportation (part of the services sector), and the ensuing decline in oil prices may have likewise supported their rebound. At the same time, developments in profit margins in more domestically-oriented sectors such as the construction sector have been holding up better over the entire period, which owes also to the currently very favourable financing conditions.

Sources: Eurostat and ECB calculations.Notes: In the decomposition of unit profit growth by economic sectors unit profits are calculated based on value added. The latest observations are for the second quarter of 2019.

At least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States. This continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of long-standing tax breaks preserved or expanded by the 2017 Tax Cuts and Jobs Act (TCJA) as well as the CARES Act tax breaks enacted in the spring of 2020.

The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to their annual financial reports. The statutory federal tax rate for corporate profits is 21 percent. The 55 corporations would have paid a collective total of $8.5 billion for the year had they paid that rate on their 2020 income. Instead, they received $3.5 billion in tax rebates. 041b061a72


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