Key takeaways
- The U.S. Treasury and IRS have issued new rules offering significant tax breaks to large businesses and wealthy investors.
- These measures reduce projected revenues from the alternative minimum corporate tax enacted in 2022.
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The Trump administration is quietly rolling out hundreds of billions in new tax breaks to benefit big businesses and wealthy investors, according to the New York Times.
Thanks to recent actions by Treasury and the IRS, businesses, including private equity firms, crypto companies, and multinational corporations, will receive major relief from the Corporate Minimum Tax Act of 2022, originally designed to ensure that profitable corporations pay at least some federal tax.
Analysts say the measures will reduce expected tax revenues and add to the $4 trillion pro-business tax cuts passed by Trump in July, raising concerns about legality and budgetary impact.
