Although big banks in the United States paid $21 billion less in taxes last year thanks to the Republican Party’s push in late 2017 to lower rates for corporations and wealthy Americans, the nation’s top financial institutions used those savings to benefit shareholders rather than workers and customers—just as critics of the #GOPTaxScam had warned they would.
After reviewing financial results and commentary from the 23 banks the Federal Reserve designates as most vital to the U.S. economy, Bloomberg reported Wednesday:
Four of the nation’s six biggest banks—Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley—”paid less taxes than they projected in 2018.” And while employees did receive some bonuses and raises, they were marginal compared with the banks’ windfalls.
Meanwhile, as the report detailed, “the biggest winners were shareholders. Tax savings contributed to a banner year for banks, with the six largest surpassing $120 billion in combined profits for the first time. Dividends and stock buybacks at the 23 lenders surged by an additional $28 billion from 2017—even more than their tax savings.”
The analysis spurred outcry from consumer and worker advocates as well as critics of the GOP tax overhaul—about which President Donald Trump infamously bragged, “corporations are literally going wild,” when he signed the bill into law in December of 2017.
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