GOP Finds Yet Another Way to Enrich Big Banks
As if the initial windfalls in the GOP tax scam for the rich weren’t enough, it looks like the Trump Administration just found another way to hand even more tax breaks to big banks and the wealthiest 1 percent.
The fine print on a new Treasury Department rule issued by Steve Mnuchin states that “financial services” no longer include big banks – meaning thousands of big banks are now eligible for a lower tax liability and will get even bigger tax breaks from the GOP tax scam for the rich.
It’s practically a dictionary definition to say that banks provide financial services. But when it comes to the new tax law, that’s not how the Treasury Department sees it.
Officials there have decided that nearly 2,000 banks are not financial services firms and therefore their owners qualify for a lower tax liability under the $1.5-trillion Republican tax-cut legislation that took effect Jan. 1.
A new Treasury Department proposal would give U.S. banks a huge tax cut by somehow no longer classifying them as “financial services.” When it was being argued in late 2017, the Republican tax bill stated that financial services companies were not eligible for massive tax cuts given to other corporations in order to silence critics who noted the bill would give more money to big banks … the fine print of a rule issued by Treasury Secretary Steve Mnuchin on Wednesday would change some 2,000 banks’ classification to S corporations, making them eligible for the tax cut.
The giveaways for the wealthiest 1 percent clearly don’t stop under the GOP tax scam for the rich.
As Republicans continue to sell out middle class families in order to further enrich big banks, corporations and the richest few, Democrats vow to expose the truth about the GOP’s raw deal and fight for real, bipartisan tax reform for the people that creates jobs, reduces the deficit and puts the middle class first with A Better Deal: Better Jobs, Better Wages, and a Better Future.