{"id":1003005,"date":"2018-11-29T09:21:52","date_gmt":"2018-11-29T13:21:52","guid":{"rendered":"https:\/\/democrats.org\/?p=1003005"},"modified":"2024-05-23T20:12:49","modified_gmt":"2024-05-23T20:12:49","slug":"trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/","title":{"rendered":"Trump Tax Law Update: Record Profits For Banks &#038; Corporations, While Workers Lose Their Jobs"},"content":{"rendered":"<p dir=\"ltr\">Trump and Republicans promised their massive tax cuts for the rich and big corporations would benefit workers, but that never happened. Here\u2019s an update on the latest from the Trump tax law.<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\">Corporate profit growth hit a 6-year high.<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/www.marketwatch.com\/story\/economy-grew-35-in-third-quarter-pushes-corporate-profits-to-6-year-high-gdp-shows-2018-11-28\" target=\"_blank\" rel=\"noopener noreferrer\">MarketWatch<\/a>: \u201cA torrid U.S. economy blazed a 3.5% pace of growth during the summer and boosted corporate profits to the highest rate in six years, fresh government figures show.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\">Banks hit record-high profits.<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/banks-hit-record-profits-thanks-to-last-years-tax-law\" target=\"_blank\" rel=\"noopener noreferrer\">Washington Examiner<\/a>: \u201cThe U.S. banking sector reported record-high profits in the third quarter of 2018, thanks in large part to last year\u2019s tax law.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\">GM workers lost their jobs.<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/www.freep.com\/story\/money\/cars\/general-motors\/2018\/11\/26\/democrats-sherrod-brown-tim-ryan-blast-cuts\/2115399002\/\" target=\"_blank\" rel=\"noopener noreferrer\">Detroit Free Press<\/a>: \u201cCongressional Democrats let loose on General Motors&#8217; decision to close plants in Michigan and Ohio on Monday, saying that the company got millions in tax breaks heralded by President Donald Trump but that they haven&#8217;t saved workers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump and Republicans promised their massive tax cuts for the rich and big corporations would benefit workers, but that never happened. Here\u2019s an update on the latest from the Trump tax law. &nbsp; Corporate profit growth hit a 6-year high. &nbsp; MarketWatch: \u201cA torrid U.S. economy blazed a 3.5% pace of growth during the summer [&hellip;]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1003005","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump Tax Law Update: Record Profits For Banks &amp; Corporations, While Workers Lose Their Jobs - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-29T13:21:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T20:12:49+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/\",\"url\":\"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/\",\"name\":\"Trump Tax Law Update: Record Profits For Banks & Corporations, While Workers Lose Their Jobs - Democrats\",\"isPartOf\":{\"@id\":\"https:\/\/democrats.org\/#website\"},\"datePublished\":\"2018-11-29T13:21:52+00:00\",\"dateModified\":\"2024-05-23T20:12:49+00:00\",\"author\":{\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564\"},\"breadcrumb\":{\"@id\":\"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/democrats.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Trump Tax Law Update: Record Profits For Banks &#038; Corporations, While Workers Lose Their Jobs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/democrats.org\/#website\",\"url\":\"https:\/\/democrats.org\/\",\"name\":\"Democrats\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/democrats.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564\",\"name\":\"Claire DePree\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g\",\"caption\":\"Claire DePree\"},\"url\":\"https:\/\/democrats.org\/news\/author\/depreec\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Trump Tax Law Update: Record Profits For Banks & Corporations, While Workers Lose Their Jobs - Democrats","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/","og_locale":"en_US","og_type":"article","og_site_name":"Democrats","article_published_time":"2018-11-29T13:21:52+00:00","article_modified_time":"2024-05-23T20:12:49+00:00","author":"Claire DePree","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Claire DePree","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/","url":"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/","name":"Trump Tax Law Update: Record Profits For Banks & Corporations, While Workers Lose Their Jobs - Democrats","isPartOf":{"@id":"https:\/\/democrats.org\/#website"},"datePublished":"2018-11-29T13:21:52+00:00","dateModified":"2024-05-23T20:12:49+00:00","author":{"@id":"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564"},"breadcrumb":{"@id":"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/democrats.org\/news\/trump-tax-law-update-record-profits-for-banks-corporations-while-workers-lose-their-jobs\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/democrats.org\/"},{"@type":"ListItem","position":2,"name":"Trump Tax Law Update: Record Profits For Banks &#038; 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