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Activists rally against President Donald Trump's reported plans to loosen Wall Street Regulations and repeal the Dodd-Frank Act outside of Goldman Sachs headquarters in Lower Manhattan, February 7, 2017 in New York City. (Photo: Drew Angerer/Getty Images)
'I Made a Lot of Bankers Look Very Good,' Brags Trump as Wall Street Titans Enjoy $32 Billion Tax Bonanza
"It looks like Trump just let the six largest banks 'get away with murder' something he promised he wouldn't do as president," said a senior advisor to Bernie Sanders in response.
Jan 15, 2020
"I made a lot of bankers look very good," President Donald Trump boasted this week just before it was reported Thursday that the nation's six largest banks alone have received an estimated $32 billion windfall thanks to Republican tax cuts.
"We need to break up these big banks and tax Wall Street to cancel all student debt. That's exactly what #PresidentSanders will do." --Warren Gunnels, Sanders campaign senior advisor
The figures were generated by Bloomberg News after reviewing the 2019 profits of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
By looking at the banks' earnings in relation to effective tax rates that dropped from 20% to 18% last year--and comparing that to the 30% average they paid prior to the tax cut bill passed by Republicans and signed by Trump at the end of 2017--the analysis showed just how well the Wall Street giants have fared even as they cut back their work forces approximately 1,200 people over the same time period.
"The tax savings have spurred the banks to record profit," Bloomberg's Yalman Onaran reported. "The six firms posted $120 billion in net income for 2019, inching past 2018's mark. They had never surpassed $100 billion before the tax cuts."
Morris Pearl, chair of Patriotic Millionaires, which advocates for higher taxes on the wealthy and large corporations, said the latest figures only further prove what critics of the Republican tax giveaway knew and predicted since it was first proposed--that it was a gift to big banks and a scam perpetrated against regular people by Trump.
"The Trump administration touted that the average American was going to get $4,000 from their signature tax legislation," Pearl told Common Dreams. "If you average six bank executives getting $32 billion while millions of people get $0, maybe that does average to $4000 per person. It's still reprehensible and fiscally irresponsible that just six banks got a $32 billion windfall while ordinary Americans are struggling."
On social media, his group broke the numbers down by bank:
"It looks like Trump just let the six largest banks 'get away with murder' something he promised he wouldn't do as president," said Warren Gunnels, senior advisor to Bernie Sanders, in response to the reporting. "We need to break up these big banks and tax Wall Street to cancel all student debt."
Trump's comments about his role in the bankers' bonanza were made Wednesday when he gathered with top financial executives at the White House to celebrate a trade deal with China.
"They just announced earnings and they were incredible," Trump said to Mary Erdoes, who heads asset and wealth management for nation's largest bank, JPMorgan Chase. As American Banker reports, Trump then asked Erdoes "for reciprocation" in the form of a thank you from the bank.
"They were very substantial," Trump said to Erdoes of the tax savings and profits. "Will you say, 'Thank you, Mr. President,' at least, huh?"
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This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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"I made a lot of bankers look very good," President Donald Trump boasted this week just before it was reported Thursday that the nation's six largest banks alone have received an estimated $32 billion windfall thanks to Republican tax cuts.
"We need to break up these big banks and tax Wall Street to cancel all student debt. That's exactly what #PresidentSanders will do." --Warren Gunnels, Sanders campaign senior advisor
The figures were generated by Bloomberg News after reviewing the 2019 profits of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
By looking at the banks' earnings in relation to effective tax rates that dropped from 20% to 18% last year--and comparing that to the 30% average they paid prior to the tax cut bill passed by Republicans and signed by Trump at the end of 2017--the analysis showed just how well the Wall Street giants have fared even as they cut back their work forces approximately 1,200 people over the same time period.
"The tax savings have spurred the banks to record profit," Bloomberg's Yalman Onaran reported. "The six firms posted $120 billion in net income for 2019, inching past 2018's mark. They had never surpassed $100 billion before the tax cuts."
Morris Pearl, chair of Patriotic Millionaires, which advocates for higher taxes on the wealthy and large corporations, said the latest figures only further prove what critics of the Republican tax giveaway knew and predicted since it was first proposed--that it was a gift to big banks and a scam perpetrated against regular people by Trump.
"The Trump administration touted that the average American was going to get $4,000 from their signature tax legislation," Pearl told Common Dreams. "If you average six bank executives getting $32 billion while millions of people get $0, maybe that does average to $4000 per person. It's still reprehensible and fiscally irresponsible that just six banks got a $32 billion windfall while ordinary Americans are struggling."
On social media, his group broke the numbers down by bank:
"It looks like Trump just let the six largest banks 'get away with murder' something he promised he wouldn't do as president," said Warren Gunnels, senior advisor to Bernie Sanders, in response to the reporting. "We need to break up these big banks and tax Wall Street to cancel all student debt."
Trump's comments about his role in the bankers' bonanza were made Wednesday when he gathered with top financial executives at the White House to celebrate a trade deal with China.
"They just announced earnings and they were incredible," Trump said to Mary Erdoes, who heads asset and wealth management for nation's largest bank, JPMorgan Chase. As American Banker reports, Trump then asked Erdoes "for reciprocation" in the form of a thank you from the bank.
"They were very substantial," Trump said to Erdoes of the tax savings and profits. "Will you say, 'Thank you, Mr. President,' at least, huh?"
"I made a lot of bankers look very good," President Donald Trump boasted this week just before it was reported Thursday that the nation's six largest banks alone have received an estimated $32 billion windfall thanks to Republican tax cuts.
"We need to break up these big banks and tax Wall Street to cancel all student debt. That's exactly what #PresidentSanders will do." --Warren Gunnels, Sanders campaign senior advisor
The figures were generated by Bloomberg News after reviewing the 2019 profits of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
By looking at the banks' earnings in relation to effective tax rates that dropped from 20% to 18% last year--and comparing that to the 30% average they paid prior to the tax cut bill passed by Republicans and signed by Trump at the end of 2017--the analysis showed just how well the Wall Street giants have fared even as they cut back their work forces approximately 1,200 people over the same time period.
"The tax savings have spurred the banks to record profit," Bloomberg's Yalman Onaran reported. "The six firms posted $120 billion in net income for 2019, inching past 2018's mark. They had never surpassed $100 billion before the tax cuts."
Morris Pearl, chair of Patriotic Millionaires, which advocates for higher taxes on the wealthy and large corporations, said the latest figures only further prove what critics of the Republican tax giveaway knew and predicted since it was first proposed--that it was a gift to big banks and a scam perpetrated against regular people by Trump.
"The Trump administration touted that the average American was going to get $4,000 from their signature tax legislation," Pearl told Common Dreams. "If you average six bank executives getting $32 billion while millions of people get $0, maybe that does average to $4000 per person. It's still reprehensible and fiscally irresponsible that just six banks got a $32 billion windfall while ordinary Americans are struggling."
On social media, his group broke the numbers down by bank:
"It looks like Trump just let the six largest banks 'get away with murder' something he promised he wouldn't do as president," said Warren Gunnels, senior advisor to Bernie Sanders, in response to the reporting. "We need to break up these big banks and tax Wall Street to cancel all student debt."
Trump's comments about his role in the bankers' bonanza were made Wednesday when he gathered with top financial executives at the White House to celebrate a trade deal with China.
"They just announced earnings and they were incredible," Trump said to Mary Erdoes, who heads asset and wealth management for nation's largest bank, JPMorgan Chase. As American Banker reports, Trump then asked Erdoes "for reciprocation" in the form of a thank you from the bank.
"They were very substantial," Trump said to Erdoes of the tax savings and profits. "Will you say, 'Thank you, Mr. President,' at least, huh?"
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