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Top U.S. Banks’ Tax Bill Would Rise $11 Billion With Biden Hike

  • Trump’s tax cuts saved big banks $42 billion over three years
  • Slim Senate majority makes tax hike difficult, not impossible
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Wall Street Votes: Biden's Tax Plans

After three years of savings, top U.S. banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on.

That would follow $42 billion of savings by the six biggest banks thanks to outgoing President Donald Trump’s 2017 tax cuts, which have boosted their bottom line by more than 10% over the past three years.