The tax cut was enacted three months into the 2018 fiscal year. Corporate tax receipts for the full fiscal year ended September 2018 were down 31% from the prior fiscal year, the largest decline since records began in 1934, except for during the
Great Recession when corporate profits, and hence corporate tax receipts, plummeted. Analysts attributed the fiscal 2018 decline to the tax cut.
The Council of Economic Advisers had estimated in October 2017 that the corporate tax cut of the TCJA would increase real median household income by $3000 to $7000 annually, but during the first year following enactment of the tax cut the figure increased by $553, which the Census Bureau characterized as statistically insignificant.