Trump Tax Cut Saved Billions For Banks That Cut US Jobs

Donald Trump promised the 2017 Republican tax law would create jobs and support the middle class. Instead, six big banks have pocketed an additional $32 billion in savings — while cutting more than 1,000 jobs — over the past couple of years as a result of that law, Bloomberg reported Thursday.

Bloomberg calculated the additional savings from the GOP tax law by looking at the tax rates banks paid before the 2017 law (30 percent) to the rates the banks paid after the law went into effect (between 18 percent and 20 percent). The banks saw an additional $14 billion in profits in 2018, then another $18 billion in additional profits in 2019.

In the meantime, the banks also cut their workforce by a combined 1,200 jobs by the end of 2019. Continue reading.