Big Banks Pocket $32 BILLION From Trump’s Tax Cuts

In the event that there is anyone out there
that thinks that the Republican tax scam package passed at the end of 2017 was anything less
than a giveaway for the top 1% let me offer you a little bit of new data to further prove
that nobody but the top 1% benefited from this tax bill and this new piece of data is
$18 billion. $18 billion is what the top banks, top six
banks, in the United States collectively saved last year because of this tax bill, $18 billion
saved by JP Morgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley. The six of them combined saved $18 billion,
got to put that money back in their pockets and it’s 100% because of the, the Republican
tax bill. Add that with what they saved the year before
and that number jumps up from $18 billion to $32 billion that is all directly attributed
to the Republican tax cut package. $32 billion for just six banks because we
provided them with new tax loopholes, a lower tax rate, and more ways to get around not
having to pay anything at all. That’s what this tax cut package was all about. These already hugely profitable banks that
even before this, were seeing their highest revenues ever, over $30 billion back in their
pockets. Oh, and one of the reasons they’re also saving
so much money and seeing their profits soar right now, not just because of the tax cuts,
but also because they decided after they got all this money, they’re going to cut back
on lending. So if you need a new mortgage or if you want
to go buy a car, you’re going to have a harder time today than you would have before they
got all this money. So they’re making more money, which Republicans
told us was totally going to somehow trickle down. You free up capital with the banks, they are
more likely to lend to you. They told us that. Banks are literally doing the opposite. They have more money. They’re lending less. Oh, and by the way, they also cut thousands
of jobs last year too. So, you know, there’s that. So I guess those people don’t get raises or
bonuses either like we were promised we would. They instead got nothing. They got worse than nothing because they lost
their job for no apparent reason. And that’s what’s happening with this Republican
tax cut. This needs to be a major Democratic party
talking point. I find it sickening that at least in this
last presidential debate, and we haven’t really seen it much, that they’re not talking about
the specific effects of the Republican tax cut package. Not just what do you think of your wealth
tax? Isn’t that a little greedy or stingy and how
are you going to pay for these programs? No, how about you address these statistics,
moderators and networks? How about you talk about the disgusting fact
that we have corporations out there pulling in billions of dollars in revenue each year
who are literally paying $0 in tax and then ask what are we going to do to make them pay
up a little bit more? Those are the questions that should be asked,
and these are the types of studies that every Democrat should be talking about on the campaign
trail. The reason the network moderators don’t bring
this up is because most of them are benefiting from it. Most of them are millionaires, Wolf Blitzer,
he is set. The MSNBC host who did that debate, they’re
set. They got multimillion-dollar contracts. They get these tax cuts, average person watching
at home, we didn’t. We got nothing. We got absolutely nothing. And that is what the Democrats need to be
talking about. These tax cut packages have put even more
of our money into the hands of the wealthy elite while the working class, the 99%, we
once again got screwed out of everything.

93 thoughts on “Big Banks Pocket $32 BILLION From Trump’s Tax Cuts

  1. Man, I'd be happy just getting another $3,200 this year from a tax break, but I know that ain't ever happening under a Republican President/Congress.

  2. Not surprised at all..what would it take for people to wake up that kkk and Nazi Trump is not for you…if your white and rich that klamsman is for you..if you is black and rich he's not for you even if you is rich..if white and poor he hates you..and if you black Latino native Indians he hate you and your skin COLOR…he's only for rich white billionaires…

  3. The Greedy Old Pricks only care about the rich. The Narcissistic Human Airhorn only cares about himself. So of course their massive cuts would only benefit the rich. The same way that RethuglieKKKlan tax cuts always benefit only the wealthy elite. How many times do we have to do this song and dance before this reality finally sinks in?!

  4. We all know the wealthy benefits but its crazy the poor middle of America trailer park living cult members love everything 45 do..

  5. Trump called it the greatest tax cut in history. I now pay more in taxes than ever before. It is a great tax cut for the richest in America. The rest of us got fucked.

  6. Here's, in my opinion, the best argument against the Republican claim of the benefits of Trickle-Down economics/cutting programs for the poor for the already wealthy. Say there are 2 guys-a CEO and an average worker. The average worker has been saving for 3 years to buy a new car, while his CEO boss can afford to buy say 3 new cars a year, but obviously he doesn't because he doesn't need to. If the government enacts a tax break for wealthy CEOs/increases taxes on the middle-class, the worker will have to save more/longer before he can buy the new car he needs to drive to his job. However, just because the CEO has more money, is he going to spend it on say another new car? No. Republicans argue that if the already wealthy receive more money they will distribute it down to the workers later, but in this instance the CEO doesn't need to buy a new car so he could invest in the manufacturing stocks of the car company. And even if the employee got a slight pay raise, if his taxes went up the raise will needed to cover those, and if the stocks went up on the car company then their car prices could potentially go up as well. Now, if the government just barely cut the average worker's taxes/provided more to welfare programs he relies on and did little increases on the CEOs taxes, the worker could finally have enough for the new car, the CEO could contribute more to the local economy, and the manufacturing company would still see overall increases.

    There's plenty of examples like this, but ultimately my argument is that from the 1930s to the late 1970s, the U.S. was basically a Trickle-Up economy where we benefited the bottom 25%-50% through various welfare programs like Social Security, Medicare/Medicare, and Food Stamps, and the economy grew making us the wealthiest country in the world because when the poor get more money they will spend it. However, when we are a Trickle-Down economy that benefits the top 1%-10% the most, the poor spend less and save very little, while the already wealthy rarely contribute to the economy beyond their own business interests (there are examples that prove me wrong but very few), and the economy grows much less or even goes into recession. It has been this way under Republican Presidents/Congresses since 1980 yet they keep doing it and their voters keep believing it. And now we are in a position where 1/3-1/2 of the country would rather have corporate/corrupt Republicans than any Democrat despite how the overwhelming majority of Republicans don't seem to care about average voters while Democrats (with the excepts of the corporate ones) do care about their voters/average workers more than CEOs and know they could spend/contribute more to the economy than CEOs do in the long run.

  7. That tax cut for the big banks would have funded free college tuition for all students in the USA. So the difference between the trump administration and Bernie Sanders is that Trump would rather have our youth in debt to banks for college loans that Joe Biden made sure they can't default on. Bernie Sanders wants the wealthy to pay their fair share and will use that to educate our youth as a government investment in the future of our society.

  8. This is another reason why we need to get Bernie for Prez. So, that these overtly greedy a-holes pay their fair share so that we can live better.

  9. Trump did the tax cut for the rich so when he's out of office, he can get loans from theae banks. Im sure there was a deal made before the tax cuts.

  10. The banks? (Maniacal laughter). The bank is holding my 300$ commission cheque 21days so they can play the exchange rate. They are so hard up for cash I see.

  11. “The evils of capitalism are as real as the evils of militarism and racism.” This is why Dr. King hated capitalism. This is the Wealthy Tax Cut Act. Under a Bernie presidency, the wealthy will pay up.

  12. Instead of people applying for loans from banks with extortionate interest rates, why can’t people just get paid more??? Every cent we have is taxed twice, once on earning, once on spending. Our system has gone from progressive, to backwards, to split prism reflected in a hall of mirrors. No average Joe can move forward without getting tangled in perpetual debt.

  13. They also laid off thousands of employees, saving them even more! Wasn't it supposed to encourage hiring, pay increases, and stimulating the economy? NOPE, it was to get more donors to contribute to the RNC. How about the FED lowering the interest rate to 2% during GOOD ECONOMIC times. Why was that? So that the wealthy company owners could buy back their stock and buy out other smaller companies for cheap.

  14. But Farron, don’t you remember how the two rounds of GW Bush tax cuts trickled down to us common folk as promised, especially after they were made permanent under Obama? Seriously, how are there still people who believe in and support this bullshit?

  15. Trumpeters you listening, he doesn't give a shit about you. The tax cut was to make his rich friends richer. I hope you listen to reality soon.

  16. Ask a republikkkan. They will all say they got a benefit from it. Just don't ask them to explain how. They don't know. Drumpf said so.

  17. Ya, but when a banker buys a yacht, that creates jobs. I hear that from Trumpies a lot. I should invest in cigars whenever a Republican wins the WH.

  18. I mean, what are the wealthy elite going to do with all that money. Why not give that large mount of money to all the hard working people who need it the most.

  19. Other people in country the money too you know, don't be greedy and just keep it to yourselves! I guess this is really socialism for the rich, if you can call it that!

  20. GOP: “Here’s $32 Billion of Tax Cuts, thanks for your campaign contributions. Would you like to contribute for our 2020 campaign? How very kind of you!” (wink wink)

  21. You honestly believe a CORPORATE news station is going to have a moderator during a debate ask about Corporate tax cuts. Yeah, I'll just grab my parka visiting Hell.

  22. Ha ha ha! Losers use "F" you and the Earth profits before anything else banks. Winners drain the swam by using member owned community oriented people before profits CREDIT UNIONS. Banks are for Trumpists.

  23. These trash MFS are making billions while folks are living near sewers underground, homeless, jobless, no healthcare benefits, and in complete disparity. I hope there is a price to pay for their misdeeds. I hope Whites wake TF up and realize they're getting got too, just like the rest of us. It's them and us. They're making hand over fist. POS a**wipes!!!

  24. Trump did this to help his family,friends,and himself! He knows he’s not going to be “president” forever! He’s doing all he can to make his life as a citizen to be easy! And republicans don’t give two f’s about the poor people! They are for the money and trump!

  25. It shows those voted for Trump why his administration and Trump telling the public who voted for him, economy is strong and doing good? Yes it's doing good only for the 1%, Trump tax cut that help Banks and billionaires but robbed from the poor and middle-class to give to the rich💰💰 how many times for the public to bend over stick it in, to realize that you getting FK in your anus how many times?😵😵😵 to realize. Bernie Sanders will stop all the bull crap? Vote

  26. It is well enough that the public does not understand our banking and monetary system , for if they did there would be a revolution before tomorrow morning .
    Henry Ford

  27. I watched some economist youtuber's video about a week ago and he said that if you tax the rich more then they will be more likely to pull back on hiring and ship more jobs overseas, which I had to reply saying that is a garbage argument, these corporations have been running on this tax cut scam for the last 2 years now and what has happened…these corporations have still been cutting jobs left and right and they are still outsourcing the jobs to other countries, we saw that with GM, AT&T, Carrier and some of the big banks in this country and if the jobs were not outsourced to other countries they were still cut in favor of automation, so the fear that the rich will cut jobs if they are taxed more is complete nonsense cause they still cut jobs even when they get a huge tax cut, TAX THE RICH

  28. 🇺🇸This is Trump country..where corruption and criminal shenanigans are now the norm and the rich just keep getting richer!
    #BrokenAmerica 😔

  29. Why CNN, MSNBC, ABC, and NBC aren't talking about this is beyond me.
    Oh, wait. No, it isn't. Because corporatist shills will always put themselves first!!!

  30. Drip down policy doesn't work, coorp are not sharing it, raises or whatever. He's added over a trillion to our defecit. He said in his ad that his tax scam would make him the biggest loser haha..POS. I worked 40 years for my SSI disability. I told some senators that my therapist turned things around on me to help other mentally ill, now they just blame everything on me, Don focus on there own problems, I never said it was ok to treat anyone like that, an observation. I did a PTSD workbook over getting abused all my life, I have ateason to do what I'm doing, I'm working on my PTSD. I wasn't yelling and crying so I could get screwed with….that's how you get better people, if things are triggering you, find a good therapist, I fired mine.

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