US Treasury and IRS quietly expand tax breaks for the ultrawealthy and crypto giants: NYT
Key Takeaways
- The US Treasury and IRS have issued new rules providing significant tax relief to large companies and wealthy investors.
- These measures are reducing the projected revenue from the corporate alternative minimum tax enacted in 2022.
The Trump administration is quietly rolling out hundreds of billions in new tax breaks benefiting large corporations and wealthy investors, according to The New York Times.
Through recent Treasury and IRS actions, firms, including private equity, crypto companies, and multinationals, will see major relief from the 2022 corporate minimum tax law, originally designed to ensure profitable corporations pay at least some federal tax.
Analysts say the moves will reduce expected tax revenues and expand on Trump’s $4 trillion corporate-leaning tax cuts passed in July, raising concerns over legality and fiscal impact.
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