[Economic]
Of course the tax cuts are good for the banks
By Emily Stewart
Posted October 18, 2018

tax cuts helped the big banks, bigEven 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…