{"id":3000,"date":"2018-08-27T15:54:00","date_gmt":"2018-08-27T15:54:00","guid":{"rendered":"http:\/\/democrats.org\/blog\/2018\/08\/27\/big-banks-hit-record-60-billion-in-q2-profits-from-trump-tax-law\/"},"modified":"2024-05-23T20:17:23","modified_gmt":"2024-05-23T20:17:23","slug":"big-banks-hit-record-60-billion-in-q2-profits-from-trump-tax-law","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/big-banks-hit-record-60-billion-in-q2-profits-from-trump-tax-law\/","title":{"rendered":"Big Banks Hit Record $60 Billion In Q2 Profits From Trump Tax Law"},"content":{"rendered":"

Big banks continue to be big winners from the Trump tax law. Banking profits hit a record $60 billion in the second quarter, primarily as a result of the Trump tax law. Meanwhile, real wages for workers have actually declined over the past year.<\/span><\/p>\n

 <\/p>\n

Reuters<\/a><\/span>: U.S. banking profits hit record $60 billion in second quarter: FDIC
\n <\/p>\n

By Pete Schroeder<\/span>
\n <\/p>\n

The U.S. banking sector reported a record $60.2 billion in profits in the second quarter, up 25.1 percent from the same period one year ago.<\/span><\/p>\n

 <\/p>\n

The Federal Deposit Insurance Corporation reported on Thursday that a little more than half of those gains resulted from a lower effective tax rate. The other half of the gains came from higher net interest income, it said.<\/span><\/p>\n

Only 3.8 percent of banks reported net losses, while more than 70 percent reported year-over-year growth.<\/p>\n

Banks had reported a record $56 billion in profits in the first quarter, as they took advantage of the lower tax rates passed by Congress at the end of 2017.<\/p>\n

Profits would have increased just 11.7 percent in the second quarter without the boost from the new tax law, the FDIC said.<\/p>\n

 <\/p>\n

(<\/span>MORE<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Big banks continue to be big winners from the Trump tax law. Banking profits hit a record $60 billion in the second quarter, primarily as a result of the Trump tax law. Meanwhile, real wages for workers have actually declined over the past year.   Reuters: U.S. banking profits hit record $60 billion in second <\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3000","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nBig Banks Hit Record $60 Billion In Q2 Profits From Trump Tax Law - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/big-banks-hit-record-60-billion-in-q2-profits-from-trump-tax-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-27T15:54:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T20:17:23+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/big-banks-hit-record-60-billion-in-q2-profits-from-trump-tax-law\/\",\"url\":\"https:\/\/democrats.org\/news\/big-banks-hit-record-60-billion-in-q2-profits-from-trump-tax-law\/\",\"name\":\"Big Banks Hit Record $60 Billion In Q2 Profits From Trump Tax Law - 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