Continuing our shamelessly critical coverage of Wells Fargo, now they’ve found another way to cash in: the new tax change bill. From Vox:
Wells Fargo in 2016 was fined $185 million for issuing millions of fake credit card accounts. In 2017, it was caught overcharging clients on currency trades and improperly charging homebuyers to lock into low mortgage rates.
And in 2018, it could be about to get the best tax deal of all the big banks.
The Republican tax bill, which seeks to lower the corporate tax rate to 21 percent from 35 percent, would lead to an average 14 percent in earnings growth for seven of America’s largest banks next year, according to a Monday note from Goldman Sachs analyzing the plan’s implications. (Goldman does not include itself in its analysis.) The biggest winner: Wells Fargo, which would see its earnings jump by 18 percent thanks to the GOP proposal.
I would not believe this is accidental.
