Reprinted with permission from Shareblue.
Well, we found one industry that benefitted from the Republican tax scam: U.S. banks.
According to Bloomberg News, major U.S. banks saw a $21 billion tax cut in 2018, beating the tax cut estimates the banks themselves projected they’d receive from the new law, all thanks to the Republican-passed tax bill.
And what did the banks do with that massive windfall?
They cut an estimated 4,300 jobs — with plans to cut even more — and spent some of the tax savings on stock buybacks and boosting dividends, further lining their own pockets, according to Bloomberg’s report.…