News Topic: Tax Cuts and Jobs Act

Tax reform and other regulatory factors could allow Citigroup — and other banks — to maintain high capital levels and strong rewards for shareholders. ... Read full article

The Pittsburgh company got the tax-related boost from an increase in the valuation of its deferred tax liabilities. It was partly offset by several charges. ... Read full article

The elimination of a key deduction that had worked as a cap on CEO salaries, combined with investor pressure to maintain performance incentives, could lead to an upward drift in compensation for top executives of many banks. ... Read full article

The McLean, Va., company and several other banks have disclosed the charges they expect to record in the fourth quarter due to lower values on their deferred tax assets. ... Read full article

Bank of America, PNC join a growing list of banks planning to use the anticipated savings from the reduction in the corporate tax rate to boost wages for employees. ... Read full article

Earlier versions of the bill would have caused bigger changes in how Americans finance home purchases, higher education and retirement. Still, the final legislation will have important effects on borrowing and saving decisions. ... Read full article

After Wells Fargo and Fifth Third said that the looming tax cut will allow them to raise pay, four smaller banks followed suit. ... Read full article

Fifth Third said it will give a bonus or raise to about three-quarters of its employees while Wells Fargo raised its minimum hourly pay in the wake of Congress' passing a tax reform bill. ... Read full article

The tax reform legislation approved by Congress on Wednesday and expected to be signed by President Trump soon is mostly good news for banks, but many will have to take big charges in the fourth quarter as a result. ... Read full article

The Senate approved the final tax reform plan 51-48 early Wednesday, the second-to-last obstacle before sending it to President Trump for his signature. ... Read full article

The Senate tax proposal released Thursday would cap the mortgage interest deduction for properties worth $1 million, a reversal from the House plan that would have limited the deduction to $500,000. ... Read full article