https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

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https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Goldman Sachs has warned that it will take a $5bn hit to fourth-quarter profits as a result of president Donald Trump’s tax reforms, mostly because of a new levy on overseas earnings that are repatriated to the US.

The investment bank said that two-thirds of the negative impact on its earnings from the tax changes would result from the “repatriation tax” that is being introduced to encourage US companies to bring their vast overseas cash piles back home.

It added in a filing to the Securities and Exchanges Commission on Friday that the rest of the hit to its earnings would come from “the implementation of the territorial tax system and the remeasurement of US deferred tax assets at lower enacted corporate tax rates”.

Quote: Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Investors have been expecting banks to be among the biggest beneficiaries from the sweeping changes to the US tax code that were signed into law by Mr Trump a few days before Christmas.

Analysts have estimated that the cut in US federal corporation tax from 35 per cent to 21 per cent from the start of next year will boost the earnings of the biggest US banks by about a fifth. However, there are some negative side-effects for the sector.

Several big banks — such as Bank of America and Barclays — have already warned that the tax changes will lead to a multibillion-dollar reduction in the accounting value of their deferred tax assets.

Goldman, which is due to report fourth-quarter results on January 17, said: “The impact of the tax legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the firm has made, guidance that may be issued and actions the firm may take as a result of the tax legislation.”

Analysts have estimated that Goldman will report adjusted net profits of $1.8bn in the fourth-quarter, according to Bloomberg, so the $5bn negative tax impact is likely to drag the Wall Street bank to a quarterly loss for the period. In the nine months to September it made an overall net profit of $5.8bn.

(12-29-2017 11:21 AM)Kaplony Wrote:  Goldman, which is due to report fourth-quarter results on January 17, said: “The impact of the tax legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the firm has made, guidance that may be issued and actions the firm may take as a result of the tax legislation.”

The assumption that the Obama/Wall St reach-around would continue under
president Hillary? bwahahahahahahahahahahahahahaha

MUH LOOPHOLES!

(12-29-2017 11:21 AM)Kaplony Wrote:  https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

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https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Goldman Sachs has warned that it will take a $5bn hit to fourth-quarter profits as a result of president Donald Trump’s tax reforms, mostly because of a new levy on overseas earnings that are repatriated to the US.

The investment bank said that two-thirds of the negative impact on its earnings from the tax changes would result from the “repatriation tax” that is being introduced to encourage US companies to bring their vast overseas cash piles back home.

It added in a filing to the Securities and Exchanges Commission on Friday that the rest of the hit to its earnings would come from “the implementation of the territorial tax system and the remeasurement of US deferred tax assets at lower enacted corporate tax rates”.

Quote: Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Investors have been expecting banks to be among the biggest beneficiaries from the sweeping changes to the US tax code that were signed into law by Mr Trump a few days before Christmas.

Analysts have estimated that the cut in US federal corporation tax from 35 per cent to 21 per cent from the start of next year will boost the earnings of the biggest US banks by about a fifth. However, there are some negative side-effects for the sector.

Several big banks — such as Bank of America and Barclays — have already warned that the tax changes will lead to a multibillion-dollar reduction in the accounting value of their deferred tax assets.

Goldman, which is due to report fourth-quarter results on January 17, said: “The impact of the tax legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the firm has made, guidance that may be issued and actions the firm may take as a result of the tax legislation.”

Analysts have estimated that Goldman will report adjusted net profits of $1.8bn in the fourth-quarter, according to Bloomberg, so the $5bn negative tax impact is likely to drag the Wall Street bank to a quarterly loss for the period. In the nine months to September it made an overall net profit of $5.8bn.

Repaying the tax-payers for their bailouts which some of the bailouts went to CEOs and them for pension and pay raises. Mnuchin was guilty of that himself. He got a pay raise on the backs of the tax payers. This is a win for the little guys to get at these thieves.

(12-29-2017 11:27 AM)DavidSt Wrote:  

(12-29-2017 11:21 AM)Kaplony Wrote:  https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Quote: Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Goldman Sachs has warned that it will take a $5bn hit to fourth-quarter profits as a result of president Donald Trump’s tax reforms, mostly because of a new levy on overseas earnings that are repatriated to the US.

The investment bank said that two-thirds of the negative impact on its earnings from the tax changes would result from the “repatriation tax” that is being introduced to encourage US companies to bring their vast overseas cash piles back home.

It added in a filing to the Securities and Exchanges Commission on Friday that the rest of the hit to its earnings would come from “the implementation of the territorial tax system and the remeasurement of US deferred tax assets at lower enacted corporate tax rates”.

Quote: Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/e2abd5f4-ec8f...3b1d7ca85a

Investors have been expecting banks to be among the biggest beneficiaries from the sweeping changes to the US tax code that were signed into law by Mr Trump a few days before Christmas.

Analysts have estimated that the cut in US federal corporation tax from 35 per cent to 21 per cent from the start of next year will boost the earnings of the biggest US banks by about a fifth. However, there are some negative side-effects for the sector.

Several big banks — such as Bank of America and Barclays — have already warned that the tax changes will lead to a multibillion-dollar reduction in the accounting value of their deferred tax assets.

Goldman, which is due to report fourth-quarter results on January 17, said: “The impact of the tax legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the firm has made, guidance that may be issued and actions the firm may take as a result of the tax legislation.”

Analysts have estimated that Goldman will report adjusted net profits of $1.8bn in the fourth-quarter, according to Bloomberg, so the $5bn negative tax impact is likely to drag the Wall Street bank to a quarterly loss for the period. In the nine months to September it made an overall net profit of $5.8bn.

Repaying the tax-payers for their bailouts which some of the bailouts went to CEOs and them for pension and pay raises. Mnuchin was guilty of that himself. He got a pay raise on the backs of the tax payers. This is a win for the little guys to get at these thieves.

I believe all the banks already paid back the tax payers plus interest.

The little guys taking it up the ass again.

Are we suppose to feel sorry for Goldman Sachs?

#paybackmotherfokkers