Donald Trump continues to brag about his tax cuts that he claims is helping the working class. But according to a new report, Trump is largely helping big banks.
According to Bloomberg News, large American banks scored $32 billion thanks to the tax cut that President Donald Trump and Republicans passed in 2017.
“Our focus is on helping the folks who work in the mailrooms and the machine shops of America,” Trump said in a rally that fall. “The plumbers, the carpenters, the cops, the teachers, the truck drivers, the pipe-fitters, the people that like me best.”
Trump claims that the working class is receiving these tax cuts, but the fact is that 60 percent of the tax cuts went to the top 20 percent of wage earners.
“JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley posted earnings this week showing they saved $18 billion in 2019, more than the prior year, as their average effective tax rate fell to 18 percent from 20 percent. Bloomberg News calculated the haul by comparing the lower tax rates to what they paid before the law took effect, which averaged 30 percent,” according to Bloomberg.
Less than 24 hours ago, Trump met with JP Morgan CEO Mary Erodes.
“Will you say, ‘Thank you, Mr. President’ at least? Huh? I made a lot of bankers look very good,” he said.