Detroit Free Press: Trump’s Tax Law Saves These Companies Millions

For example, embattled Wells Fargo saved $662 million off its tax bill during the first three months of 2018. Those tax savings promise to quickly wipe out the $1-billion fine the bank agreed this month to pay to settle mortgage and auto loan violations against its customers.

And Google’s parent company saved as much as $1 billion in the quarter compared with last year, according to an analysis from the Institute on Taxation and Economic Policy.

Matthew Gardner, a senior fellow at the taxation institute who authored the analysis, said the quarterly filings aren’t a definitive assessment of the new corporate rates because taxes fluctuate throughout the year for many firms, especially retailers who do lots of business around the holidays. Read more