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THREAD: U.S. banks shaved nearly $21 billion from their tax bills last year — almost double the IRS's annual budget — thanks to Trump's tax cuts.
But while the cuts payed out well for shareholders, the banks cut thousands of jobs and slowed lending #tictocnews
But while the cuts payed out well for shareholders, the banks cut thousands of jobs and slowed lending #tictocnews
MORE: By the end of 2018, most of the nation's biggest lenders met or exceeded their predictions for tax savings.
On average, the banks saw their effective tax rates drop from 28% in 2016 to 19% in 2018 #tictocnews
On average, the banks saw their effective tax rates drop from 28% in 2016 to 19% in 2018 #tictocnews
MORE: The banks vowed to use their tax savings to give back to employees, but the 23 biggest banks eliminated nearly 4,300 jobs #tictocnews
MORE: As Trump's tax cuts took effect, some banks vowed to share their savings with workers:
- Bank of America announced $1,000 bonuses for about 145,000 employees
- Wells Fargo boosted their minimum wage to $15 per hour #tictocnews
- Bank of America announced $1,000 bonuses for about 145,000 employees
- Wells Fargo boosted their minimum wage to $15 per hour #tictocnews
MORE: The biggest winners of the tax cuts have been shareholders, though.
The 6 largest banks surpassed $120 billion in combined profits, while dividends and buybacks surged by $28 billion in 2017 #tictocnews
The 6 largest banks surpassed $120 billion in combined profits, while dividends and buybacks surged by $28 billion in 2017 #tictocnews
MORE: Commercial and industry lending, both fuelers of job creation, were stagnant before the end of 2019, indicating economic growth from the tax reform #tictocnews
Learn all about the banks' huge tax break windfall, and the mixed picture for bank staffers in @BenFoldy's story for @business ➡️ bloom.bg/2DdOGKj
