Fake President and his pimps gave $28.8 billion to banks last year

❝ Banks last year made a record $236.7 billion in profits, the Federal Deposit Insurance Corporation said on Thursday. Had the tax law not been enacted, banks still would have done well — the FDIC estimates they would have made $207.9 billion in 2018. But the law tacked an additional $28.8 billion onto their profits. In the fourth quarter alone, more than half of the increase in net income for banks came from the tax bill…

❝ The Tax Cuts and Jobs Act, passed in December 2017, cut taxes for most Americans, including the middle class, but it heavily benefits the wealthy and corporations. According to estimates from the Center on Budget and Policy Priorities, the top fifth of earners get 70 percent of the bill’s benefits, and the top 1 percent get 34 percent. The new tax treatment for “pass-through” entities — companies organized as sole proprietorships, partnerships, LLCs, or S corporations — meant an estimated $17 billion in tax savings for millionaires in 2018. American corporations are showering their shareholders with stock buybacks, thanks in part to their tax savings.

The owners of big banks, big corporations – not the working families, not folks with a few shares of this and that in their 401K – got to eat the real cake, folks. The rest of the whole country gets to sweep up the crumbs.