{"id":2863,"date":"2018-07-17T17:26:00","date_gmt":"2018-07-17T17:26:00","guid":{"rendered":"http:\/\/democrats.org\/blog\/2018\/07\/17\/trump-tax-law-gives-big-banks-enormous-second-quarter-profits\/"},"modified":"2018-07-17T17:26:00","modified_gmt":"2018-07-17T17:26:00","slug":"trump-tax-law-gives-big-banks-enormous-second-quarter-profits","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trump-tax-law-gives-big-banks-enormous-second-quarter-profits\/","title":{"rendered":"Trump Tax Law Gives Big Banks Enormous Second-Quarter Profits"},"content":{"rendered":"<p dir=\"ltr\">America&rsquo;s biggest banks reported earning enormous second-quarter profit margins, largely because of the Trump tax law. Meanwhile, workers&rsquo; wages have decreased. &nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\">Big banks are the biggest beneficiaries of &nbsp;the Trump tax law.<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">Bank of America earned a second-quarter profit of <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/abcnews.go.com\/Business\/wireStory\/bank-america-2q-profits-jump-33-percent-due-56615797&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNGm_SEpFM7mf4JCh4hFnDB-pM0pYg\" href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/bank-america-2q-profits-jump-33-percent-due-56615797\" target=\"_blank\" rel=\"noopener noreferrer\">$6.78 billion<\/a>, a 33 percent jump from a year earlier.<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">JPMorgan Chase earned a second-quarter profit of <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/abcnews.go.com\/Business\/wireStory\/jpmorgans-profits-rise-18-percent-helped-lower-taxes-56560508&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNFp7xVcvtYMLoMlJBEfYeXcTqoqXg\" href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/jpmorgans-profits-rise-18-percent-helped-lower-taxes-56560508\" target=\"_blank\" rel=\"noopener noreferrer\">$8.32 billion<\/a>, an 18 percent jump from a year earlier.<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">Citigroup earned a second-quarter profit of <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.thestreet.com\/markets\/citigroup-second-quarter-profit-rose-helped-by-trump-tax-cuts-14650108&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNFlpCPgLcSfvkP7_IBKy6fw7hc3tQ\" href=\"https:\/\/www.thestreet.com\/markets\/citigroup-second-quarter-profit-rose-helped-by-trump-tax-cuts-14650108\" target=\"_blank\" rel=\"noopener noreferrer\">$4.49 billion<\/a>, a 16 percent jump from a year earlier.<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\">Big banks saw their tax bills drop substantially thanks to the Trump tax law.<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">Bank of America&rsquo;s tax bill dropped by more than <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/abcnews.go.com\/Business\/wireStory\/bank-america-2q-profits-jump-33-percent-due-56615797&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNGm_SEpFM7mf4JCh4hFnDB-pM0pYg\" href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/bank-america-2q-profits-jump-33-percent-due-56615797\" target=\"_blank\" rel=\"noopener noreferrer\">$1 billion<\/a>.<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">JPMorgan&rsquo;s tax bill dropped by roughly <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/abcnews.go.com\/Business\/wireStory\/jpmorgans-profits-rise-18-percent-helped-lower-taxes-56560508&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNFp7xVcvtYMLoMlJBEfYeXcTqoqXg\" href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/jpmorgans-profits-rise-18-percent-helped-lower-taxes-56560508\" target=\"_blank\" rel=\"noopener noreferrer\">17 percent<\/a>.<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p dir=\"ltr\">Meanwhile, workers&rsquo; wages have decreased over the past year and banks are charging their customers more.<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">Paychecks continue to lag behind rising prices, causing real wages to fall by <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.cbsnews.com\/news\/worker-wages-drop-while-companies-spend-billions-to-boost-stocks\/&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNFAkQFWmYP9WW-R7cAzrWuDsxrc6A\" href=\"https:\/\/www.cbsnews.com\/news\/worker-wages-drop-while-companies-spend-billions-to-boost-stocks\/\" target=\"_blank\" rel=\"noopener noreferrer\">1.4 percent<\/a> over the last year.<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"list-style-type:disc;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">While reaping massive tax savings, big banks are <a data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.thestreet.com\/markets\/depositors-get-stiffed-as-banks-reap-windfall-on-taxes-and-rates-14652340&amp;source=gmail&amp;ust=1531932626603000&amp;usg=AFQjCNEXHSiRs21Cmvn-IJ2Q5veOdz5uGQ\" href=\"https:\/\/www.thestreet.com\/markets\/depositors-get-stiffed-as-banks-reap-windfall-on-taxes-and-rates-14652340\" target=\"_blank\" rel=\"noopener noreferrer\">charging higher rates<\/a> to their customers.<\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>America&rsquo;s biggest banks reported earning enormous second-quarter profit margins, largely because of the Trump tax law. Meanwhile, workers&rsquo; wages have decreased. &nbsp; &nbsp; Big banks are the biggest beneficiaries of &nbsp;the Trump tax law. &nbsp; Bank of America earned a second-quarter profit of $6.78 billion, a 33 percent jump from a year earlier. &nbsp; JPMorgan <\/p>\n","protected":false},"author":0,"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-2863","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 Gives Big Banks Enormous Second-Quarter Profits - 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-gives-big-banks-enormous-second-quarter-profits\/\" \/>\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=\"2018-07-17T17:26:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" 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-gives-big-banks-enormous-second-quarter-profits\/\",\"url\":\"https:\/\/democrats.org\/news\/trump-tax-law-gives-big-banks-enormous-second-quarter-profits\/\",\"name\":\"Trump Tax Law Gives Big Banks Enormous Second-Quarter Profits - 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