You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

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.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top