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Bank of America hauls in biggest profit ever

CNN
Bank of America hauls in biggest profit ever

Bank of America is minting money thanks to tax cuts, turbulent markets and the stronger economy. America's second-largest bank hauled in $6.9 billion in profit during the first three months of 2018. That's the biggest quarterly profit in Bank of America's history, taking out the previous record set in 2011. The blockbuster earnings are at least partly because of President Trump's corporate tax cuts. Bank of America (BAC) paid Uncle Sam $1.5 billion in income tax, down 26% from last year, even though overall profit soared 30%. The bank said the tax law lowered its effective tax rate by 9 percentage points. The new corporate tax rate is 21%, down from 35%. Without the gift of the tax law, Bank