US banks win $21 billion Trump tax windfall then cut staff, loaned less
5 years, 11 months ago

US banks win $21 billion Trump tax windfall then cut staff, loaned less

Live Mint  

Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget -- as the industry benefited more than many others from the Republican tax overhaul. To estimate tax savings, Bloomberg applied tax rates that banks paid in 2016 to their pretax earnings last year. That’s a sign that tax reform helped sustain economic growth, said Peter Winter, who covers regional banks for Wedbush Securities Inc. “The credit quality is still very strong for the banks,” he said. Wells Fargo promised to give $400 million to community groups and nonprofits last year and said it will divert some future profits to philanthropy, such as support for small businesses that can’t get traditional loans.

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History of this topic

Government’s corporation tax plan may hand banks a £6 billion tax cut – Lib Dems
2 years, 3 months ago

Government’s corporation tax plan may hand banks a £6 billion tax cut – Lib Dems

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Liberal Democrats have accused the Government of planning to …

Trump tax cut gave $32 billion to big banks -- and then he asked if bankers will say ‘thank you’
4 years, 11 months ago

Trump tax cut gave $32 billion to big banks -- and then he asked if bankers will say ‘thank you’

Raw Story  

A new Bloomberg News report revealed that large American banks scored $32 billion thanks to the tax cut that President Donald Trump and Republicans passed in 2017. In fact, 60 percent of the tax cuts went to the top 20 percent of wage earners. "JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs …

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