Last year major US banks were able to cut their collective tax bill by around $21 billion thanks to the GOP tax overhaul - nearly double the budget for the entire IRS, then fired thousands of employees and tightened lending standards, reports Bloomberg.
By year-end, most of the nation’s largest lenders met or exceeded their initial predictions for tax savings. On average, the banks saw their effective tax rates fall below 19 percent from the roughly 28 percent they paid in 2016. And while the breaks set off a gusher of payouts to shareholders, firms cut thousands of jobs and saw their lending growth slow. -Bloomberg