As the new Republican tax bill goes into effect, big banks are reporting billions of dollars in losses thanks to one-time charges stemming from the new rules. But in the long-term, the tax rules give financial firms a lot to celebrate with the corporate tax rate dropping from 35 percent to 21 percent. And some banks expect to pay an effective tax rate as low as 17 percent.
It’s a boon expected to push profits higher in 2018, just as Congress is debating rolling back banking regulations that were put into place in the aftermath the financial crisis ten years ago.
This week on Money Talking, Charlie Herman talks to two Wall Street experts — New Yorker writer Sheelah Kolhatkar and New York Times reporter Jim Tankersley— about how the banking world is reacting to the big changes coming from Washington.
