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Report: Six Banks Reaped $18 Billion Last Year from Trump Tax Cuts

HeadlineJan 17, 2020

A new Bloomberg analysis shows that six banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — avoided paying a combined total of $18 billion worth of taxes last year as a result of President Trump’s tax cuts. This is Trump speaking earlier this week.

President Donald Trump: “Mary Erdoes, JPMorgan Chase, they just announced earnings, and they were incredible. Where — where are you? They were very substantial. Will you say, 'Thank you, Mr. President,' at least? Huh? I made a lot of bankers look very good.”

The Treasury Department’s inspector general has opened an investigation into Trump’s tax breaks.

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