At the end of last week, the General Director of one of Citigroup, one of the largest banks in the country, outlined why the stock market and corporate America all right with President Donald trump, despite his erratic character — in fact, the tax cuts outweigh the trump tweets.
Michael Corbat discussed the results of the first quarter of Megabank during a call with analysts on Friday, explaining why he remains calm despite the White house-causing uncertainty. “The volatility we see in the morning tweets, or positions, which change from time to time — I would not say that the world is to become numb or numb, but the positive things that happen in the vast majority of cases,” he said.
In other words, despite concerns about a possible us-China trade war, trump volatile reaction to the legal counsel Robert Muller Russia the investigation, and the potential for escalation of the conflict in places like Syria and North Korea, in December, the Republicans passed the tax cuts are not keeping things peachy on wall street and in the C-Suite.
According to the “wall Street Journal”, Citibank, the effective tax rate — what it actually pays is reduced from 31% to 24% In the first quarter of 2018 and the first quarter of 2017. The course “wells Fargo” was held from 27% to 19%, and JPMorgan and went from 22.7% to 18.3%. (GOP tax bill to reduce the standard corporate rate from 35% to 21% — You will notice that none of these companies had to pay a higher rate to, either.) The Bank’s profit is significantly higher in this quarter than the same period last year largely due to tax bill.
Some of the antics of trump, for example, its trade threats and attacks on Amazon has done lately, investors are a little nervous, but by and large the richest Americans and with pleasure. The US economy is strong, and they got what they wanted from trump and the GOP, making it easy to ignore the wild activity of the President in Twitter.
Day Corbat made his statement, trump called the ex-FBI Director James Comey in “the mole & the liar” and “false slime ball” on Twitter, said “enormous pressure” on its border wall, attacked former Deputy Director of the FBI’s Andrew McCabe, said the Russian conspiracy charges in “den of thieves and scum.” Citibank, on the other hand, reported year on year profit growth of 24%.
Sourse: vox.com
