Thanks, Trump: Banks Profit A Record $56 BILLION
May 22, 2018
Banks continue to be big winners from the Trump tax. Banks were expected to profit a record $49 billion in the first quarter, even BEFORE Trump and Republicans gave them massive tax breaks. Now, they have profited by an even larger record $56 billion. Think maybe middle-class families could’ve used that extra $7 billion instead?
Banks had been expected to profit by more than $49 billion in the first quarter.
Wall Street Journal: “The new U.S. tax law gave banks a boost, but profits still would have been $49.4 billion without it, the FDIC said.”
That was before Trump and Republicans passed the Trump tax — which gave massive giveaways to banks.
New York Times: “Banks Are Big Winners From Tax Cut”
Now, banks reported a record $56 billion in profits in just one quarter as a result of the Trump tax.
Wall Street Journal: “U.S. banks notched a record quarterly profit to start 2018, newly released data show, a result of the new tax law, rising interest rates and an improving economy. The industry reported $56 billion in net income in the first quarter, up 27.5% from the prior-year quarter, the Federal Deposit Insurance Corp. said.”