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Trump's tax cuts see JPMorgan profits up by 35%

JPMorgan Chase & Co's first-quarter profit is up by 35% from a year ago, helped by higher interest rates and a lower tax bill.
The US-based firm said that while pre-tax income was up by $2bn (€1.4bn) in the quarter, it paid $240m (€168m) less in taxes when compared to the previous year.
Earnings were $8.71bn (€6.1bn), up from $6.45bn (€4.5bn) during the same period last year, results that beat the expectations of analysts.Chief executive Jamie Dimon said: "The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the US as business sentiment remains upbeat, and consumers benefit from job and wage growth."
Trump's tax cuts see JPMorgan profits up by 35%

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Donald trump's tax cuts were criticised as being mainly for the rich
US President Donald Trump signed the $1.5tn (€1.1tn) tax cut into law just before Christmas last year, the biggest overhaul of the country's tax laws in more than two decades.
Measures included in the package included a cut to corporate income tax, from 35% to 21%, cuts to the tax rate for highest earners and a change that meant fewer people will pay inheritance tax.
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Democrats had criticised the legislation as a giveaway to corporations and the wealthy.JPMorgan also pointed to rising interest rates as a factor in their results, with net interest income at $13.3bn (€9.3bn), up 10% from a year earlier.
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