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DonViejo

(60,536 posts) Fri Apr 20, 2018, 09:49 AM Apr 2018

Big Banks Saved $3.6B in Taxes Last Quarter Under New Law

Source: U.S. News & World Report/AP

The nation's six big Wall Street banks saved at least $3.59 billion in taxes just last quarter due to new tax law, giving public a first glimpse in how Corporate America is benefiting from the new Trump tax law.

April 20, 2018, at 9:09 a.m.

BY KEN SWEET, AP Business Writer

NEW YORK (AP) — An analysis by The Associated Press shows the nation's six big Wall Street banks saved at least $3.59 billion in taxes last quarter, thanks to the recently enacted Trump tax law.

Banks typically kick off the earnings season, and their reports for the January-March quarter are giving investors and the public their first glimpse into how the new tax law is impacting Corporate America. Banks historically paid some of the highest taxes, due to their U.S.-centric business model. Before the Trump tax cuts, these banks paid between 28 to 31 percent of their income each year in corporate taxes.

The results show why banks supported the tax overhaul. Tax rates at banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley dropped to between 17 and 23 percent.

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Read more: https://www.usnews.com/news/business/articles/2018-04-20/big-banks-saved-36b-in-taxes-last-quarter-under-new-law

11 replies

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Big Banks Saved $3.6B in Taxes Last Quarter Under New Law (Original Post) DonViejo Apr 2018 OP

Great, now this is going to be paid by us out of our pockets... SWBTATTReg Apr 2018 #1

Exactly. dalton99a Apr 2018 #2

They'll cut benefits and social programs to make up for it IronLionZion Apr 2018 #3

First thing we do: jail all the bankers Dorn Apr 2018 #4

Nuts. If banks can't make money nobody will create them or work at them Bernardo de La Paz Apr 2018 #6

No new jobs. Banks are limited by a lack of opportunities, NOT by lack of money. . . nt Bernardo de La Paz Apr 2018 #5

That's just six banks and just one quarter and $3.59 BILLION gone from the Treasury........ Bengus81 Apr 2018 #7

Where are the jobs associated with ... aggiesal Apr 2018 #8

Coke dealers, sex workers, night clubs, bars, Yavin4 Apr 2018 #9

I should have known that! n/t aggiesal Apr 2018 #11

There needs to be a crackdown on the financial sector. Dawson Leery Apr 2018 #10

SWBTATTReg

(22,137 posts)

1. Great, now this is going to be paid by us out of our pockets...

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 10:17 AM

Apr 2018

Just watch and see, we'll end up paying the annual -+$15 billion dollars of federal debt that the banks would have paid, let alone all of the other industries that got a nice tax break. Just watch and see.

As more and more dollars flood the markets w/o paying down the increasing debt, more and more overseas markets will refuse to accept dollars for payments for their goods and services. This will led to higher prices for all of us here in the US. Sad.

dalton99a

(81,516 posts)

2. Exactly.

Reply to SWBTATTReg (Reply #1)

Fri Apr 20, 2018, 10:20 AM

Apr 2018

IronLionZion

(45,457 posts)

3. They'll cut benefits and social programs to make up for it

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 10:22 AM

Apr 2018

you know, to be fiscally responsible

Dorn

(523 posts)

4. First thing we do: jail all the bankers

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 10:29 AM

Apr 2018

Banks, by definition, should not make money. They are a place to keep money until you need it; imagine your refrigerator making more food for you. Banks are utilities, any other use deforms business and civic structures in the US of A.

Bernardo de La Paz

(49,007 posts)

6. Nuts. If banks can't make money nobody will create them or work at them

Reply to Dorn (Reply #4)

Fri Apr 20, 2018, 11:13 AM

Apr 2018

Banks are not simply vaults for money. Nor are they utilities.

Your post shows you think utilities do not make money. That is a big error of understanding. Of course utilities make money.

Bernardo de La Paz

(49,007 posts)

5. No new jobs. Banks are limited by a lack of opportunities, NOT by lack of money. . . nt

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 11:11 AM

Apr 2018

Bengus81

(6,931 posts)

7. That's just six banks and just one quarter and $3.59 BILLION gone from the Treasury........

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 11:25 AM

Apr 2018

Next add all the other hundreds of Corporations that will pay 14% less costing billions more. We already can't afford this BS and no one knows it more than the Republican party.