Here's How Much Money Bank of America Has Saved From Trump's Tax Cuts
The Tax Cuts and Jobs Act, which is often informally referred to as the "Trump tax cuts," included many provisions, such as doubling the standard deduction, eliminating several itemized deductions, and doubling the Child Tax Credit, just to name a few. However, one of the most significant changes to the U.S. tax code during the Trump administration was the part of the Tax Cuts and Jobs Act that changed the corporate tax cut.
To be sure, there are many companies that were not affected much by the change. For example, many rapidly growing companies (including some of the tech giants) don't have much taxable income on a consistent basis, so it doesn't matter too much what the corporate tax rate is in these cases.
On the other hand, there are some companies and industries that have saved a lot of money because of the corporate tax cut, and the financial sector has been one of the biggest beneficiaries. In this article, we'll dig into Bank of America's (NYSE: BAC) results over the past several years to see just how much the company has saved under the Trump tax cuts.
Source Fool.com
