America’s largest corporations profited immensely from President Donald Trump’s actions during his first year in office, from his deregulatory bonanza to his $1.5 trillion tax cut. But according to data compiled by Good Jobs First (GJF), corporate America has also benefited from the Trump administration’s inaction—specifically, its failure to impose financial penalties on companies for criminal behavior.
“Along with the massive tax cut, the Trump administration has given the largest corporations billions of additional dollars of benefits in the form of reduced penalties for misconduct.”
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Through its Violation Tracker tool—described as “the country’s first wide-ranging database of corporate crime and misconduct”—GJF shows that federal penalties imposed on America’s most profitable corporations for wrongdoing absolutely “plunged” during Trump’s first 12 months in office.
Whereas the nation’s 100 most profitable companies paid around $17 billion in penalties per year during the Obama administration, “Fortune 100” companies only paid a combined $1.1 billion in Trump’s first year.
“Along with the massive tax cut, the Trump administration has given the largest corporations billions of additional dollars of benefits in the form of reduced penalties for misconduct,” Good Jobs First Research Director Philip Mattera said in a statement.
Acknowledging that the penalty totals under former President Barack Obama are inflated due to the flood of settlements that followed the financial crisis, Good Jobs First research director Philip Mattera observed that “Trump’s $1.1 billion total through January 19 is still far below the annual average of more than $9 billion for the Fortune 100 during Obama’s final two years in office.”
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