Marginal Corporate Tax of 74.2% in 1st Quarter?

Alan Reynolds at Cato found this in the 1st quarter GDP report: Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $42.6 billion in the first quarter. . . Taxes on corporate income increased $31.6 billion. . . [therefore] profits after tax . . . increased $11.1 billion. His response: .. read more