April 6, 2019

JPMorgan CEO claims Trump tax bill gave it billions more in profits

Independent, UK - The CEO of America’s largest bank touted billions in additional profits thanks to Republican tax cuts signed into law by Donald Trump in 2017 — as new research reveals adverse impacts on the nation’s poorest communities stemming from the legislation.

JPMorgan CEO Jamie Dimon released an annual investment letter on Thursday that said the president’s tax cuts added to the bank’s net profits by a staggering $3.7bn (£2.8bn).

“All things being equal (which they are not), the new lower tax rates added $3.7 billion [£2.8bn] to net income,” he wrote, before celebrating the GOP’s tax bill.

“The new tax code establishes a business tax rate that will make the United States competitive around the world and frees US companies to bring back profits earned overseas,” the letter continued. “The cumulative effect of capital retained and reinvested over many years in the United States will help cultivate strong businesses and ultimately create jobs and increase wages.” 

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