ICYMI: Politico: Trump’s tax law makes big winners of banks, giving $29B boost to profits
February 22, 2019
Trump’s tax law helped boost bank profits to a record $237 billion (!!) last year. Despite Trump’s promises, it’s clear that banks, not the middle class, are big winners from his tax law.
Politico: Trump’s tax law makes big winners of banks, giving $29B boost to profits
By Victoria Guida
The tax cut law signed by President Donald Trump helped boost bank profits to a record $237 billion last year, a 44 percent jump from 2017, the government said Thursday, the latest evidence of the law’s huge benefit to corporate America.
Lenders brought in $72.4 billion more in income in 2018 than the previous year, with $28.8 billion — or more than a third of that figure — attributable to lower taxes, the Federal Deposit Insurance Corp. said in its quarterly report on the industry.