The primary target: The admin is rapidly gutting a 2022 #law intended to ensure the country’s most profitable #corporations pay at least some federal income #tax. The provision, the corporate alternative minimum tax, was passed by #Democrats & signed into law by President #Biden. It sought to stop corporations 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 & #IRS have issued beginning in summer means the #tax could bring in a fraction of that.
The breaks come in addition to the ~$4 trillion package of tax cuts that #Trump signed into #law in July. The #legislation, passed entirely by #Republicans, heavily benefits #corporations & the #ultrawealthy. It is projected to add trillions of dollars to the federal #deficit & came with steep cuts to #healthcare for the #elderly & #FoodStamps for the poorest.