REVEALED: Trump's tax cuts have allowed 6 biggest U.S. banks to save $32 billion via business
-- 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.
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.
The tax savings have spurred the banks to record profit. The six firms posted $120 billion in net income for 2019, inching past 2018’s mark. They had never surpassed $100 billion before the tax cuts.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marie Antoinette’s Pearl Pendant Sold at Auction for a Record-Breaking $32 MillionDuring an auction at Sotheby’s on Wednesday, 10 items belonging to Marie Antoinette were sold, including a diamond and pearl pendant that set an auction record.
Read more »
Normani Wore a $32 ASOS Bag in JamaicaYES it's still available!
Read more »
Former AT&T Broadband CEO says Trump tax cuts, economic policies are 'destroying' farmers and rural AmericaThe former CEO of AT&T Broadband penned an Iowa newspaper column arguing that corporations have been able to celebrate but President Donald Trump's economic policies are 'destroying' rural America.
Read more »
These are Bank of America's favorite stocks for 2020Here are five of Bank of America's favorite stocks for the year.
Read more »
Marie Antoinette’s Pearl Pendant Sold at Auction for a Record-Breaking $32 MillionDuring an auction at Sotheby’s on Wednesday, 10 items belonging to Marie Antoinette were sold, including a diamond and pearl pendant that set an auction record.
Read more »