The corporate tax cuts are benefiting more than just the largest companies, according to a new study.
The analysis of tax data by the Tax Policy Center found that the companies that benefited from the tax cuts in the first two years of the Bush administration have more than doubled in size since that time.
More than two-thirds of the increase in businesses’ revenues came from companies that have increased their share of federal tax revenue by $500 billion since the beginning of the tax cut era.
Companies with revenues of $50 billion or more have seen an increase of about $150 billion.
The biggest increase came from large multinational corporations, which have seen their share grow by more than $700 billion, the study found.
But there was a sharp decline in the size of businesses that didn’t benefit from the cuts.
The study found that just 9.7 percent of all businesses that received tax relief between 2010 and 2018 have experienced a significant increase in their share, while nearly 70 percent of the businesses that had revenues of less than $1 billion have experienced an increase.
A report released Monday by the Senate Ways and Means Committee said the tax breaks have had an especially positive impact on smaller businesses.
The report, based on a survey of about 6,400 businesses, found that about two-fifths of the growth in small businesses has come from those that have had no tax increase.
About 25 percent of small businesses are currently under the tax rate on their income of 25 percent or less, according the report.