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.

One thought on “Fake President and his pimps gave $28.8 billion to banks last year

  1. Moloch says:

    The Trump administration on Tuesday will propose a rule to tighten food stamp restrictions that would cut about 3.1 million people from the program, U.S. Department of Agriculture (USDA) officials said. https://www.reuters.com/article/us-usa-trump-foodstamps/trump-administration-pursues-rule-that-would-remove-3-1-million-people-from-food-stamps-idUSKCN1UI0AH
    If enacted, the rule would save the federal government about $2.5 billion a year by removing people from SNAP, according to the USDA.
    U.S. President Donald Trump has argued that many Americans now using SNAP do not need it given the strong economy and low unemployment, and should be removed as a way to save taxpayers as much as $15 billion.

    Food insecurity (different than hunger) as defined by the U.S. Department of Agriculture is a state in which “consistent access to adequate food is limited by a lack of money and other resources at times during the year.” Also, access to nutritionally adequate foods is limited.
    Food-insecure households are not necessarily insecure all the time. Food insecurity may reflect a household’s need to make trade-offs between important basic needs, such as housing or medical bills, and buying nutritionally adequate foods. See https://www.feedingamerica.org/sites/default/files/2019-05/2017-map-the-meal-gap-full.pdf

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