Trump tax cuts could boost profit $12B at big U.S. banks

WHILE A DECLINE in the corporate tax rate would create a large gain in profit for six of the nation's largest banks, other potential changes, including the elimination of the interest payment deduction, could add back revenue to their income statements, thus increasing their tax liability. / BLOOMBERG NEWS GRAPHIC
WHILE A DECLINE in the corporate tax rate would create a large gain in profit for six of the nation's largest banks, other potential changes, including the elimination of the interest payment deduction, could add back revenue to their income statements, thus increasing their tax liability. / BLOOMBERG NEWS GRAPHIC
NEW YORK - The six largest U.S. banks could see annual profit jump by an average of 14 percent if President Donald Trump delivers on his promise to cut corporate taxes. The lenders, which stand to benefit more than other industries because they typically have fewer deductions, could save a combined $12 billion a year,…

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