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Big Wall Street Banks Saved Over $3.5 Billion Under Trump Tax Law

The six largest banks have had to pay far less in corporate income taxes this quarter.

President Donald Trump’s corporate tax breaks saved six major banks $3.59 billion in the last quarter, according to an Associated Press analysis. The banks include JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America. The tax law, signed by the president in December, significantly lowered the banks’ corporate tax rates to an estimated average of 20 to 22 percent. Before the tax cuts, these banks had to pay between 28 to 31 percent of their income. Bank executives have told the AP that the money saved will be “returned to shareholders,” with some of it also going to “higher wages for employees, and new business investments.”