US Treasury Secretary Scott Bessent listens as President Donald Trump speaks to members of the media aboard Air Force One on October 27, 2025.
Outrage Grows as Trump Admin Quietly Weighs New 'Tax Windfall for the Biggest Corporations'
"Apparently the Trump administration thinks the trillions they spent on tax cuts for the wealthy wasn't enough."
The Trump administration's quiet effort to deliver billions more in tax breaks to some of the largest companies in the United States drew fresh scrutiny and outrage this week, with Democratic members of Congress warning that a series of obscure regulatory changes could further undermine efforts to rein in corporate tax dodging.
In a letter to the US Treasury Department unveiled Thursday, Sen. Elizabeth Warren (D-Mass.) and Rep. Don Beyer (D-Va.) led a group of lawmakers in denouncing the Trump administration's assault on the corporate alternative minimum tax (CAMT), a Biden-era measure that requires highly profitable US corporations to pay a tax of at least 15% on their book profits—the numbers reported to shareholders.
"The Trump administration has consistently chipped away at CAMT to further corporate interests," the lawmakers wrote, pointing to rules issued in recent months exempting many corporations from the tax.
"But these massive giveaways apparently aren’t enough for billionaire corporations and their lobbyists, which are trying to further undermine CAMT," the lawmakers continued.
The Democratic lawmakers, who were joined by Sen. Bernie Sanders (I-Vt.), specifically warned against an ongoing corporate push for a carveout to a research and experimentation (R&E) tax break included in the Trump-GOP budget law enacted over the summer.
Corporations supported the R&E tax break. But as the Wall Street Journal reported last month, the giveaway is driving some companies' "regular taxes down so far that they are pushed into CAMT."
"This is exactly what CAMT was designed to do, the tax’s defenders say," the Journal noted. "Companies are pressing the Treasury Department for relief, particularly on the way that CAMT limits the deduction for research expenses. The National Association of Manufacturers, the R&D Coalition, and the National Foreign Trade Council sent letters urging the administration to write rules that would be favorable to companies."
The Treasury Department and Internal Revenue Service are reportedly considering the corporate proposal.
Such a change, Democratic lawmakers warned in their new letter, "egregiously circumvents Congress' intent to set a floor on corporations’ tax liabilities regardless of deductions."
But the Trump administration's hostility to the CAMT, cozy relationship with powerful corporations, and willingness to trample existing law have fueled concerns that it will readily bow to industry demands.
"Apparently the Trump administration thinks the trillions they spent on tax cuts for the wealthy wasn't enough now they're planning another huge tax windfall for the biggest corporations in the country," Beyer said Thursday.
In a social media post, Warren wrote that "giant corporations are lobbying Donald Trump for yet another tax handout—this time for research they've ALREADY DONE."
"Give me a break," Warren added. "The last thing American families need is a tax code rigged even more for billionaires and billionaire corporations."
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
The Trump administration's quiet effort to deliver billions more in tax breaks to some of the largest companies in the United States drew fresh scrutiny and outrage this week, with Democratic members of Congress warning that a series of obscure regulatory changes could further undermine efforts to rein in corporate tax dodging.
In a letter to the US Treasury Department unveiled Thursday, Sen. Elizabeth Warren (D-Mass.) and Rep. Don Beyer (D-Va.) led a group of lawmakers in denouncing the Trump administration's assault on the corporate alternative minimum tax (CAMT), a Biden-era measure that requires highly profitable US corporations to pay a tax of at least 15% on their book profits—the numbers reported to shareholders.
"The Trump administration has consistently chipped away at CAMT to further corporate interests," the lawmakers wrote, pointing to rules issued in recent months exempting many corporations from the tax.
"But these massive giveaways apparently aren’t enough for billionaire corporations and their lobbyists, which are trying to further undermine CAMT," the lawmakers continued.
The Democratic lawmakers, who were joined by Sen. Bernie Sanders (I-Vt.), specifically warned against an ongoing corporate push for a carveout to a research and experimentation (R&E) tax break included in the Trump-GOP budget law enacted over the summer.
Corporations supported the R&E tax break. But as the Wall Street Journal reported last month, the giveaway is driving some companies' "regular taxes down so far that they are pushed into CAMT."
"This is exactly what CAMT was designed to do, the tax’s defenders say," the Journal noted. "Companies are pressing the Treasury Department for relief, particularly on the way that CAMT limits the deduction for research expenses. The National Association of Manufacturers, the R&D Coalition, and the National Foreign Trade Council sent letters urging the administration to write rules that would be favorable to companies."
The Treasury Department and Internal Revenue Service are reportedly considering the corporate proposal.
Such a change, Democratic lawmakers warned in their new letter, "egregiously circumvents Congress' intent to set a floor on corporations’ tax liabilities regardless of deductions."
But the Trump administration's hostility to the CAMT, cozy relationship with powerful corporations, and willingness to trample existing law have fueled concerns that it will readily bow to industry demands.
"Apparently the Trump administration thinks the trillions they spent on tax cuts for the wealthy wasn't enough now they're planning another huge tax windfall for the biggest corporations in the country," Beyer said Thursday.
In a social media post, Warren wrote that "giant corporations are lobbying Donald Trump for yet another tax handout—this time for research they've ALREADY DONE."
"Give me a break," Warren added. "The last thing American families need is a tax code rigged even more for billionaires and billionaire corporations."
The Trump administration's quiet effort to deliver billions more in tax breaks to some of the largest companies in the United States drew fresh scrutiny and outrage this week, with Democratic members of Congress warning that a series of obscure regulatory changes could further undermine efforts to rein in corporate tax dodging.
In a letter to the US Treasury Department unveiled Thursday, Sen. Elizabeth Warren (D-Mass.) and Rep. Don Beyer (D-Va.) led a group of lawmakers in denouncing the Trump administration's assault on the corporate alternative minimum tax (CAMT), a Biden-era measure that requires highly profitable US corporations to pay a tax of at least 15% on their book profits—the numbers reported to shareholders.
"The Trump administration has consistently chipped away at CAMT to further corporate interests," the lawmakers wrote, pointing to rules issued in recent months exempting many corporations from the tax.
"But these massive giveaways apparently aren’t enough for billionaire corporations and their lobbyists, which are trying to further undermine CAMT," the lawmakers continued.
The Democratic lawmakers, who were joined by Sen. Bernie Sanders (I-Vt.), specifically warned against an ongoing corporate push for a carveout to a research and experimentation (R&E) tax break included in the Trump-GOP budget law enacted over the summer.
Corporations supported the R&E tax break. But as the Wall Street Journal reported last month, the giveaway is driving some companies' "regular taxes down so far that they are pushed into CAMT."
"This is exactly what CAMT was designed to do, the tax’s defenders say," the Journal noted. "Companies are pressing the Treasury Department for relief, particularly on the way that CAMT limits the deduction for research expenses. The National Association of Manufacturers, the R&D Coalition, and the National Foreign Trade Council sent letters urging the administration to write rules that would be favorable to companies."
The Treasury Department and Internal Revenue Service are reportedly considering the corporate proposal.
Such a change, Democratic lawmakers warned in their new letter, "egregiously circumvents Congress' intent to set a floor on corporations’ tax liabilities regardless of deductions."
But the Trump administration's hostility to the CAMT, cozy relationship with powerful corporations, and willingness to trample existing law have fueled concerns that it will readily bow to industry demands.
"Apparently the Trump administration thinks the trillions they spent on tax cuts for the wealthy wasn't enough now they're planning another huge tax windfall for the biggest corporations in the country," Beyer said Thursday.
In a social media post, Warren wrote that "giant corporations are lobbying Donald Trump for yet another tax handout—this time for research they've ALREADY DONE."
"Give me a break," Warren added. "The last thing American families need is a tax code rigged even more for billionaires and billionaire corporations."