Revealed: Trump just quietly dished out more tax breaks to his rich investor friends

The Trump administration has quietly implemented measures to weaken the corporate alternative minimum tax (CAMT), a provision enacted by the Biden administration as part of the Inflation Reduction Act. The CAMT was designed to ensure highly profitable corporations pay a minimum tax of 15% on their reported book profits, preventing them from using tax breaks to report significantly lower profits to the IRS and thus lower their tax liabilities. Since President Trump took office, his administration has issued regulatory proposals aimed at undermining the CAMT. These actions are seen as benefiting large corporations and wealthy private equity investors, occurring simultaneously with cuts to programs serving low-income Americans. These tax relief provisions are estimated to add hundreds of billions of dollars in new breaks for big businesses and investors, in addition to previous tax cuts. Concerns have been raised that the Treasury Department may be exceeding its legal authority in its implementation of these changes. Democratic lawmakers and independent Senator Angus King have criticized these actions... download the app to read more