Business Law Experts, Banks Navigate New Tax Laws

Businesses navigating the new tax laws may want to seek advice from a business law expert. Executives from two major banks said Friday they expect big benefits will result for businesses from the new Republican tax bill.

JPMorgan Chase and Wells Fargo they expect to see significant benefits through both lower taxes and increased business. Jamie Dimon, chief executive officer of JPMorgan, said a lower tax rate would not only be good for his company but ultimately would be good for the country as well, ABC News reported.

The company’s chief financial officer, Marianne Lake, said in a conference call with investors announcing the company’s quarterly results that “The modernization of the U. S. tax code is a significant step forward for the company and a big win for the economy.”

Both JPMorgan and Wells Fargo have raised their minimum wage for employees to $15 an hour before the tax bill passed, and there may be additional wage increases. The chief executive officer of Wells Fargo, Timothy Sloan, said in an investor call that he estimates 70,000 employees will benefit from wage increases.

The new tax bill lowered the corporate tax rate to 21 percent

JPMorgan told investors Friday it earned $4.23 billion in the fourth quarter, or $1.07 a share, down from $6.73 billion, or $1.71 a share, in the same period a year earlier.

Wells Fargo reported earnings of $6.15 billion in the fourth quarter, or $1.16 per share, versus $5.27 billion, or 96 cents per share, in the same period a year ago.

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