April 29, 2018

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

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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.

 Because actual tax rates for businesses vary and depend on many complex variables, the reports offer the public its first glimpse at what a key segment of the controversial 2017 tax overhaul, championed by most Republicans and President Donald Trump, is doing for corporate America.

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



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