And that’s just for the first quarter of 2018.
A related analysis from Wells Fargo Securities predicts that, for the entire year, the banks will make out like bandits, ducking $19 billion in taxes.
The Associated Press looked at earnings reports from JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America. What they found were the true beneficiaries of the Republican plan, and a stark contrast to the $1.50-a-week pay bump for a secretary that was so highly touted by Paul Ryan.
Concocted in secret by lobbyists who worked in concert with Republican leadership and multimillionaire Treasury Secretary Steve Mnuchin, the tax plan was designed as a giveaway to corporate America and the super wealthy. The legislation — which received no Democratic votes — delivered for the wealthiest 1 percent.
AP noted the big banks paid between 28 and 31 percent in corporate income taxes before the plan. Now, they pay considerably less: JP Morgan Chase pays just 18.3 percent, Goldman Sachs’ bill dropped to 17.2 percent, and CitiGroup will only pay 23.7 percent.
The tax legislation is not the populist cut for the middle class Trump and his underlings claim to the public. It is a giveaway to the most elite institutions around.
Republicans believed that the legislation would work as a sort of silver bullet for them, rescuing Republicans up for re-election who are being weighed down by the corrupt Trump administration.
But in real America, the tax law has been a bust. The GOP thought running ads touting the tax law in Pennsylvania, in the heart of Trump country, would help them win. But instead they lost the race to the Democratic nominee — after pulling the poorly performing tax ads last minute.
The tax proposal was always unpopular with Americans, and things never improved. It remains one of the most unpopular pieces of legislation to make it through Congress.
Now the effects are being felt across the country, as individual taxpayers are being thrown crumbs (at best) while mega-banks are getting billions because the GOP catered to their whims. Again, the middle class is being left behind by the party led by Trump, who can’t be bothered to deal with their concerns.
Voters have already sent a sign to Republicans in the form of Democratic wins in deep red Trump country. They are likely relishing the opportunity to let their feelings be known on an even grander scale.