Trump Tax Cut Hands $32 Billion Windfall to America's Top Banks

[mahatmakanejeeves]

Source: Bloomberg

Business

Trump Tax Cut Hands $32 Billion Windfall to America’s Top Banks

By Yalman Onaran
January 16, 2020, 12:12 PM EST

-- Top banks saved $18 billion in 2019, even more than prior year
-- Meanwhile lending slowed, job cuts mounted and dividends rose

Savings for the top six U.S. banks from President Donald Trump’s signature tax overhaul accelerated last year, now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders.

JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley posted earnings this week showing they saved $18 billion in 2019, more than the prior year, as their average effective tax rate fell to 18% from 20%. Bloomberg News calculated the haul by comparing the lower tax rates to what they paid before the law took effect, which averaged 30%.

{snip interactive chart}

Debate has raged over the tax overhaul’s impact since Trump signed it into law near the end of his first year in office, with critics saying it’s worsening inequality by favoring the wealthy and inadequately stimulating economic growth. Because banks used to pay higher tax rates than many other industries, they were among the biggest beneficiaries.
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Read more: https://www.bloomberg.com/news/articles/2020-01-16/trump-tax-cut-hands-32-billion-windfall-to-america-s-top-banks?srnd=premium

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Kevin M. Kruse Retweeted

https://twitter.com/KevinMKruse

Those elites are reeling. They can’t stand it. Trump just owning them left and right.

Link to tweet

EXCLUSIVE calculation from Bloomberg...

Trump's tax cuts have allowed the 6 biggest banks in America to save $32 billion. https://www.bloomberg.com/news/articles/2020-01-16/trump-tax-cut-hands-32-billion-windfall-to-america-s-top-banks?srnd=premium … via @Yalman_Onaran

Link to tweet

[Newest Reality]

1. See:

See: Trump's attacks on SNAP and the states that are now responding in court to avert it.

Take it out of the mouths of the hungry and shove it into the coffers of the banks and wealthy, ey? That's a very big windfall for them. The people who don't have don't matter in that Great America.

Just connecting the dots that outline the dictator's Picture of Dorian Gray, which really isn't something you want to look at, though. Yikes.

[bucolic_frolic]

2. To all Republicans

If rule of law fails to hold, can he nationalize the banks and steal all your money?

[ffr]

3. How convenient. The tRump administration's red ink is piling up $1T of debt

the first it's been that high since the former democratic president was able to pay it down through sound tax policy.

But yeah, go ahead and defer more taxes upon future generations. Might as well. The world ends in 10 -15 years anyway.

[KY_EnviroGuy]

4. Soooo much winning....if you're a bank or shareholder.

Savings....now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders.

KY............

[turbinetree]

5. And now the coming two santa claus plan...............will be made by the right wing republicans....

https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2418865

[PSPS]

6. Standard off-the-shelf money-laundering scheme

Even if the banks funneled $3 billion into "campaign contributions," they would still get a 1000% return on their "investment." Of course, such a contribution level would be illegal, so dark-money PAC's would be used -- the same as russia and other foreign governments use to hide its illegality.

But let's take a more "reasonable" figure, like $300 million. That would be 10,000% return.

WHAT A COUNTRY!

[yaesu]

7. and this is why tRump will never be removed from office

and has an very good chance of winning a second term, he is the perfect useful idiot for the puppet masters.

[backtoblue]

8. And in *his world, the big banks (ceos) now owe him.

[Hotler]

9. Perfect reason for a consumer spending strike.

Next to our vote, one of our most powerful weapons we have as citizens are our wallets and pocket books. Shut the spending down until the orange one is gone. Democrats and progressives should shut down the spending and let the trump supporters and the repugs keep the economy afloat but, without our spending it will hurt Wall St. and the banks. If we do it long enough and harsh enough they will beg us to start spending again.

Consumer strikes are non violent and you don't have to stand in line on cold days. If millions of democrats and progressives stopped shopping Amazon and Walmart it will put a big dent in their profits.

[riversedge]

10. damn. each. day. gets. worse. in #Trumps America.