Of course the tax cuts are good for the banks
By Emily Stewart
Posted October 18, 2018
Even without the Republican tax cuts, United States banks would have made $49.4 billion in the first three months of 2018 alone. But thanks to their reduced tax bill, they got an extra $6.6 billion, bringing in $56 billion in total. And there are plenty of signs the banking industry’s tax-bill boom is on track to continue — take Bank of America, which saw its tax bill fall to $1.7 billion in the second quarter of this year from $3 billion last year, a 43 percent drop.
It’s not a bad time to be in the banking industry, and the GOP tax bill has made it even better. More…