Skip to content
Search AI Powered

Latest Stories

We Now Know How Much Extra Profit U.S. Banks Made as a Result of Trump's Tax Plan, and Yeah, It's a Lot

We Now Know How Much Extra Profit U.S. Banks Made as a Result of Trump's Tax Plan, and Yeah, It's a Lot
U.S. President Donald Trump (2nd L), Senate Majority Leader Sen. Mitch McConnell (R-KY) (R), Vice President Mike Pence (3rd L), and Speaker of the House Rep. Paul Ryan (R-WI) (L) arrive at the South Lawn for an event to celebrate Congress passing the Tax Cuts and Jobs Act with Republican members of the House and Senate at the White House December 20, 2017 in Washington, DC. (Photo by Alex Wong/Getty Images)
President Trump and GOP leadership head to a celebration of the passage of their tax cuts. (Photo by Alex Wong/Getty Images)

Hoo boy.

With voters already upset that the Trump and GOP tax plan meant a smaller refund for working and middle class people in the United States, the taxes not being paid by big business is unlikely to make them any happier. The latest revelation about who does and does not benefit from the Republican driven tax changes focused on the banking industry.

Despite the Internal Revenue Service (IRS) under President Donald Trump's Treasury Secretary, Steve Mnuchin, trying to explain away reality, people did not buy it. They're equally unlikely to buy any excuses about the $28 billion banks made in extra profits due to their Trump tax breaks.


The Federal Deposit Insurance Corporation (FDIC) reported 5,406 federally insured banks made $236.7 billion in profits last year. That was an increase of $72.4 billion.

That last amount includes $28.8 billion directly attributable to the new Trump tax breaks for large corporations and individuals with the highest incomes. In other words, that almost $29 billion would have gone to the US Treasury to pay for infrastructure repairs and other government programs before the Trump tax cuts.

The President in partnership with GOP leadership dubbed their legislation the Tax Cuts and Jobs Act.

Thus far there are plenty of tax cut related profits but very few new jobs or pay raises. Even Republicans eventually admitted their tax cuts led to executive bonuses and share buy backs and not any of the jobs or benefits they promised voters.

And voters remembered during the 2018 midterms where Democrats retook the House and Republicans, who had fewer Senate seats up for reelection, barely maintained the status quo.

So what did banks do with all of those profits?

By July almost half of US real estate markets had increases in foreclosure filings.

People expressed their feelings on Twitter regarding the legislation that drew the nickname "GOP Tax Scam."

Many pointed out those bank and corporate profits came on the backs of the working and middle class.

And one taxpayer wanted to know why needed to pay more while huge corporations got money back.

That is a question many taxpayers may have by April 15.

More from People/donald-trump

Kim Reynolds; Charlie Kirk
Al Drago/Getty Images; Nordin Catic/Getty Images for The Cambridge Union

MAGA Furious After Iowa Official Refuses Governor's Order To Fly Flags At Half-Staff For Charlie Kirk

Iowa City official Jon Green, chair of the Johnson County Board of Supervisors, has declined to comply with Governor Kim Reynolds' order that flags be flown at half-staff following the murder of far-right activist Charlie Kirk, stressing that he will not honor a man “who did so much to harm not only the marginalized, but also to degrade the fabric of our body politic.”

Green sent an email to other officials and department heads in which he asked “that we keep all victims of gun violence, including the slain Colorado students, at front of mind as we serve," referring to students who were shot at a Colorado high school the same day that Kirk was assassinated in Utah.

Keep ReadingShow less
Rosie O'Donnell; Ellen DeGeneres
Neil Mockford/WireImage; Tasos Katopodis/Getty Images for Live Nation

Rosie O'Donnell Reveals The Public And 'Most Painful' Way Ellen DeGeneres Ended Their Friendship

Perhaps no star has had a fall from grace quite like the one that came for Ellen DeGeneres.

After rising to a household name in the '90s she was blackballed for coming out as gay on her sitcom.

Keep ReadingShow less
Screenshots of Will Thilly breakdancing
New York Post/YouTube

Guy Breakdances His Way Into Town Hall Meeting To Ask Why Taxes Went Up—And Becomes An Instant Legend

Cranford, New Jersey town council candidate Will Thilly went viral after dancing his way up to the podium at a recent town hall meeting to ask why property taxes in Cranford have gone "up so much."

Thilly's unique tax protest began when he danced his way up to the podium and continued to dance even after a Cranford Township official said, "Mr. Thilly, I started your time." People laughed when Thilly held up a finger to stop the official and continued to dance anyway.

Keep ReadingShow less
Screenshot of Brian Kilmeade
Fox News

Fox News Host Apologizes After His Suggestion That Homeless People Be Euthanized Sparks Outrage

Fox and Friends host Brian Kilmeade was criticized for suggesting that homeless people with mental health issues get "involuntary lethal injection" after the murder of Ukrainian refugee Iryna Zarutska on a train in North Carolina—and was swiftly condemned for an insincere apology several days after the fact as many are calling for Fox News to terminate his contract.

Zarutska was stabbed to death at the East/West Boulevard station on the Lynx Blue Line in Charlotte last month; her killer, a homeless man with a history of mental health issues, has since been charged with first-degree murder.

Keep ReadingShow less