NEW YORK — The nation’s six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Trump. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost to banks came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank’s tax rates going back to 2015. Big publicly traded banks — such JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America — typically kick off the earnings season. The reports for the January-March quarter are giving investors and the public their first glimpse into how the new tax law is impacting Corporate America. Before the change in tax law, the maximum U.S. corporate income tax rate was 35%, not including what companies paid in state income taxes. Banks historically paid some of the highest taxes among the major industries, because of their U.S.-centric business models. Before the Trump tax cuts, these banks paid between 28 to 31% of… Read full this story
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