The problem bank stocks have with the "tax reform" package is FDIC premiums will no longer be tax deductible for banks with more than $50 billion in total assets, and the deduction scales away for smaller banks.
That's the whole game. Lower corporate tax rates but far fewer deductions and for banks that's a big one.
Banks and others can lobby for their favorite tax deduction, but that pushes the tax rate back up, or the increased Federal deficit gets even worse than predicted for this "reform" give-away spending bill.
Analysts and businesses have been totaling up the "savings" without being fully informed about which tax deductions are being eliminated. On average firms like GE and Disney which have worked the tax game aggressively will likely get hurt while others not so tax focused will benefit.
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