Important points
- The U.S. Treasury Department and IRS have issued new rules that offer significant tax breaks to large corporations and wealthy investors.
- These actions will reduce the expected revenue from the corporate alternative minimum tax enacted in 2022.
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According to the New York Times, the Trump administration is quietly rolling out hundreds of billions of dollars in new tax cuts to benefit large corporations and wealthy investors.
Recent Treasury and IRS actions will provide companies, including private equity, crypto companies, and multinational corporations, with significant relief from the 2022 Corporate Minimum Tax Act, which is originally intended to ensure profitable companies pay at least some federal taxes.
Analysts say the measure would reduce expected tax revenues and extend the $4 trillion pro-business tax cuts President Trump passed in July, raising concerns about its legality and fiscal impact.
