Republicans' difficulties in running on their tax cuts aren't going to go away when the headlines scream things like this: "Bank of America Profit Rises 30% on Tax Cuts, Interest Rates."
Bank of America Corp. (BAC) , the giant U.S. bank, said first-quarter profit surged 30% as taxes decreased following President Donald Trump's cuts in the corporate rate, while higher interest rates boosted lending revenue.
Bank of America's net income rose to $6.9 billion from $5.3 billion a year earlier, according to a statement Monday from the Charlotte, North Carolina-based bank. Earnings per share climbed to 62 cents, beating the 59-cent average estimate of analysts in a survey by database provider FactSet.
Hurray for the Bank best known for stealing people's houses in the foreclosure fraud crisis. This comes after last Friday's earning statements from Citigroup, JPMorgan, and Wells Fargo who all "reported higher profits Friday, with a huge assist from the tax law passed late last year."
Comparing each of the effective tax rates from last year to this year, the three Wall Street banks that reported earnings Friday appeared to have saved roughly $1.6 billion altogether.
Party on Wall Street!!!! "The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth," says Jamie Dimon, JPMorgan Chief Executive Officer. Yes, all that job and wage growth for the peons. "I think the best is yet to come," says Citigroup Chief Financial Officer John Gerspach. Yeah, I bet.
But it's not making the midterms any easier for Republicans, when their best boast for constituents is still that $1.50/week bonanza Paul Ryan so quickly regretted tweeting about.