Trump's Tax Cuts Added $3.7 Billion To JPMorgan's Profits

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Published on April 4, 2019 - Duration: 00:54s

Trump's Tax Cuts Added $3.7 Billion To JPMorgan's Profits

JPMorgan CEO Jamie Dimon hailed President Donald Trump's tax cuts in the bank's annual investor letter, saying the law gave a boost to earnings to the tune of $3.7 billion.

The letter outlined the bank's record earnings performance "even without the impact of tax reform", according to Business Insider.

JPMorgan made a record profit in 2018, posting net income of $32.5 billion and an astonishing $111.5 billion in sales.

"The new tax code establishes a business tax rate that will make the United States competitive around the world and frees US companies to bring back profits earned overseas," Dimon wrote in the letter.

"The cumulative effect of capital retained and reinvested over many years in the United States will help cultivate strong businesses and ultimately create jobs and increase wages."

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