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We Now Know How Much Extra Profit U.S. Banks Made as a Result of Trump's Tax Plan, and Yeah, It's a Lot
Hoo boy.
With voters already upset that the Trump and GOP tax plan meant a smaller refund for working and middle class people in the United States, the taxes not being paid by big business is unlikely to make them any happier. The latest revelation about who does and does not benefit from the Republican driven tax changes focused on the banking industry.
Despite the Internal Revenue Service (IRS) under President Donald Trump's Treasury Secretary, Steve Mnuchin, trying to explain away reality, people did not buy it. They're equally unlikely to buy any excuses about the $28 billion banks made in extra profits due to their Trump tax breaks.
The Federal Deposit Insurance Corporation (FDIC) reported 5,406 federally insured banks made $236.7 billion in profits last year. That was an increase of $72.4 billion.
That last amount includes $28.8 billion directly attributable to the new Trump tax breaks for large corporations and individuals with the highest incomes. In other words, that almost $29 billion would have gone to the US Treasury to pay for infrastructure repairs and other government programs before the Trump tax cuts.
US banks made $28 billion in extra profits thanks to GOP tax bill https://t.co/5KT26HWLiu https://t.co/5xaNpH39Sr— The Hill (@The Hill) 1550785207.0
Lower tax rates boosted 2018 bank profits by nearly $30 billion. https://t.co/PO5IuBanav https://t.co/IrMM404v9L— Victoria Guida (@Victoria Guida) 1550775968.0
The President in partnership with GOP leadership dubbed their legislation the Tax Cuts and Jobs Act.
Thus far there are plenty of tax cut related profits but very few new jobs or pay raises. Even Republicans eventually admitted their tax cuts led to executive bonuses and share buy backs and not any of the jobs or benefits they promised voters.
Nice to know someone is getting filthy rich. Tax cuts helped boost bank profits to a combined $236.7 billion last y… https://t.co/6ehc2RudGG— Craig Holman (@Craig Holman) 1550783580.0
And voters remembered during the 2018 midterms where Democrats retook the House and Republicans, who had fewer Senate seats up for reelection, barely maintained the status quo.
So what did banks do with all of those profits?
By July almost half of US real estate markets had increases in foreclosure filings.
@thehill That's FANTASTIC!! Said no one with a loan.— Jude #ITMFA (@Jude #ITMFA) 1550785295.0
@thehill ...and they lowered all the loan interest rates!!" (-said no US bank ever)— stable covfefe genius 🇺🇲🌎🌐 (@stable covfefe genius 🇺🇲🌎🌐) 1550785828.0
People expressed their feelings on Twitter regarding the legislation that drew the nickname "GOP Tax Scam."
Many pointed out those bank and corporate profits came on the backs of the working and middle class.
Bathing in the corporate tax cut bill, bank profits rise 44% in 2018 from 2017. (Where did this come from? Oh--you!… https://t.co/qwCHgVhq5f— Bartlett Naylor (@Bartlett Naylor) 1550778033.0
@thehill #WWDD Thanks for bonuses #badape https://t.co/OuuqzNETGn— Buckeye Beat (@Buckeye Beat) 1550785449.0
@thehill Disgusted by this. How much money is enough?— Mazie’s Daisies (@Mazie’s Daisies) 1550785485.0
@MaziesDaisies @thehill I agree, at some point, this question needs to he asked!— Steve Georgeff (@Steve Georgeff) 1550786159.0
@thehill But poor people don’t get tax refunds How nice— That Said, We’ve Had Enough (@That Said, We’ve Had Enough) 1550785372.0
@thehill Because @realDonaldTrump and The GOP know if this crooked administration is for the super rich they will… https://t.co/oGnXzLIqjD— Stone🇵🇷Darican 🏳️🌈#EqualityAct🇺🇸 (@Stone🇵🇷Darican 🏳️🌈#EqualityAct🇺🇸) 1550785919.0
@thehill $28 Billion in profits in less than 2 years! Wow, Trump could have built several walls with that, instead… https://t.co/gCJxVRmIzg— onecitizen2017 (@onecitizen2017) 1550785614.0
@thehill And WE THE PEOPLE are paying extra now for this? GOP MUST GO!— Cher47🇺🇸 🆘🇺🇸🌊🇺🇸BidenReadyDay1 (@Cher47🇺🇸 🆘🇺🇸🌊🇺🇸BidenReadyDay1) 1550785563.0
And one taxpayer wanted to know why needed to pay more while huge corporations got money back.
@thehill They got paid and I got hit with a $7K tax bill after never owing a dime in the last 20 years!— 86 45 👈🏻 🖕🏻 (@86 45 👈🏻 🖕🏻) 1550785548.0
That is a question many taxpayers may have by April 15.