The fourth quarter results were bolstered by a gain from writing down deferred tax liabilities essentially money that Wells Fargo still owed to U.S. tax collectors from past years that now will likely never have to be paid BRK.A..Wells Fargo Co., the U.S. lender under fire from regulators and customers over abusive sales practices, posted its biggest quarterly profit increase in four years after taking a $. billion gain related to passage of the U.S. tax law in December. Net income rose to $. billion, the San .GettyImages US President Donald Trump speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, DC, . Trump hailed a historic victory Wednesday as the US Congress passed a massive Republican tax cut plan, handing the .Wells Fargo Co. s move to raise its minimum pay to $ an hour was part of a long term plan and not related to the passage of the Republican tax overhaul The San Francisco bank had implied the direct linkage to the tax legislation in a news release Wednesday, shortly after Congress passed the tax .
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Morgan Stanley expects to take a $. billion hit from tax bill. Morgan Stanley said Friday it expects to take a $. billion hit from the tax bill that President .