Originally published on Inequality.org It’s been a very good year for Wall Street. The S&P 500 reached record highs week...
On the first anniversary of the Trump administration, the Take on Wall Street coalition catalogs the ways that Wall Street made bank on Trump in 2017.
The report includes facts about lobbying spending that hit $2 billion in the last election cycle, and continues unabated, Wall Street executives in the Trump administration and regulatory agencies, tax cut windfalls for the finance industry, and a deregulatory free-for-all. It also includes a case study of how Wells Fargo’s outrageous conduct somehow earned it the distinction of being the biggest winner from the Trump-Republican tax bill.
At a time when millions of everyday Americans are struggling with stagnant wages, Republicans decided to use the tax code to reward its contributors. Polls have shown that the Republican tax bill is deeply unpopular. Voters recognize it for what it is: a giant holiday gift to Wall Street and the super rich that the rest of us will be paying off for decades.
On Friday, Senate Republicans passed a bill with some $1.5 trillion in tax cuts, overwhelmingly weighted to the wealthiest Americans. The bill lavishes tax cuts on Wall Street banks, on executives who can manipulate their legal status to obtain a lower tax rate, and on operations in foreign tax havens. In contrast, ordinary Americans earning wages and salaries receive very limited benefits, and in many cases will see their taxes increased.
The Take on Wall Street campaign denounces the passage of a tax bill in the House of Representatives that would give Wall Street and the 1% over $1 trillion in tax breaks while leaving many middle-income Americans paying higher taxes, increasing the public deficit, and leading to deep cuts in important public services.
The Take on Wall Street campaign denounced the proposed tax bills for effectively preserving the carried interest loophole for Wall Street money managers, a loophole Trump promised to close during the campaign trail.
The Take on Wall Street campaign denounces the just-unveiled tax bill as a giant giveaway to an industry whose reckless behavior led to a searing recession from which many Americans have not yet recovered.
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Making an appearance at a Senate Finance Committee hearing on the massive tax cut legislation now being debated, individuals from...