Jesse Drucker, The New York Times ; How the Trump Administration Is Giving Even More Tax Breaks to the Wealthy
"With little public scrutiny, the Trump administration is handing out hundreds of billions of dollars in tax cuts to some of the country’s most profitable companies and wealthiest investors.
The Treasury Department and Internal Revenue Service, through a series of new notices and proposed regulations, are giving breaks to giant private equity firms, crypto companies, foreign real estate investors, insurance providers and a variety of multinational corporations.
The primary target: The administration is rapidly gutting a 2022 law intended to ensure that a sliver of the country’s most profitable corporations pay at least some federal income tax. The provision, the corporate alternative minimum tax, was passed by Democrats and signed into law by President Joseph R. Biden Jr. It sought to stop corporations like Microsoft, Amazon and Johnson & Johnson from being able to report big profits to shareholders yet low tax liabilities to the federal government. It was projected to raise $222 billion over a decade.
But the succession of notices the Treasury and I.R.S. have issued beginning this summer means the tax could bring in a fraction of that."
