Chris Van Hollen: “we are having a chance now to take a look at the House and Senate Republican tax plans. Both of these plans were cooked…”

“we are having a chance now to take a look at the House and Senate Republican tax plans. Both of these plans were cooked up largely in secret, and as more information comes out, we see more and more how much damage they are going to do to our country. The plans have many features that overlap, and one of those overlapping features is that both of them provide a massive tax giveaway to big corporations and powerful special interests. The Wall Street Journal, in an article just a little while back that was looking at the House plan, talked about a provision that is also in the Senate plan. They said that, at a 20-percent corporate tax rate, banks stand to be among the biggest winners from tax reform according to S&P Global Market Intelligence. The five biggest diversified U.S. banks alone might have had tax savings of $11.5 billion in 2016 at that rate. In other words, if that 20 percent rate had been in place back in 2016, those big banks--the biggest banks--would have seen that huge windfall, that huge additional profit. A recent analysis from Bloomberg Law estimates that banks could see a 12-percent drop in their effective tax rates and an 18-percent increase in their profits.…”