According to The Hill, JPMorgan CEO Jamie Dimon praised Trump’s tax cuts, saying the 2017 legislation boosted his bank’s profit by $3.7 billion.
“All things being equal (which they are not), the new lower tax rates added $3.7 billion to net income,” Dimon said in JPMorgan’s yearly investor letter Thursday.
“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 added. “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.”
The letter said the bank reached record profit in 2018. The net income reached $32.5 billion and $111.5 billion in sales.
Democrats criticized JPMorgan’s announcement, saying the tax plan wa a giveaway to wealthy corporations and individuals.
“How about we start with you giving back the $3.7 billion J.P. Morgan made this year off the #GOPTaxScam that you lobbied for?” presidential candidate Sen. Elizabeth Warren (D-Mass.) said in response to the announcement of JPMorgan’s windfall.
Last year Democrats stood against Trump’s tax plan, saying he was simply looking out for his wealthy friends and donors.