Bankers have been taking their claws out lately when it comes to credit unions. In addition to the usual attacks on the credit union tax status, they loudly protested the latest emergency merger, despite that merger being a win for the credit union system, the two institutions involved and all credit union members.
All this is nothing new, but what is new is the staggering hypocrisy of these attacks coming as the big banks reap profits and benefits previously unheard of in the financial sector.
Bloomberg reported this week that major U.S. banks saw a $21 billion decrease in their tax bills in 2018 due to the Tax Cuts and Jobs Act. Four of the top six banks saw their tax bills lower than even their own internal projections and all six saw their profits surpass a combined $120 billion for the first time ever.
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