John,

A bombshell New York Times report just revealed how Trump’s Treasury Department quietly handed out billions in new tax breaks to corporations and the wealthy. Behind closed doors, officials have been rewriting federal tax rules to gut one of the biggest corporate accountability measures in decades: the Corporate Alternative Minimum Tax.[1]

This reform that Americans for Tax Fairness fought for was supposed to ensure that companies reporting over $1 billion in profits finally paid a minimum of 15% on those earnings. It was projected to raise more than $222 billion over ten years by closing the gap between the profits corporations boast to shareholders and what they report to the IRS.[2]

Now, that progress is being reversed in secret. The Trump administration’s Treasury Department and IRS have quietly issued new rules that gut the enforcement of this law. They raised income thresholds, created carve-outs for corporate insiders, and opened loopholes for crypto firms, multinational corporations, and private equity titans. These “regulatory changes” hand billions back to corporations and billionaires who have already rigged the system in their favor.

These backroom giveaways were designed to escape public scrutiny. They were never voted on by Congress, never debated in public, and never approved by the people. Yet they are poised to erase hundreds of billions in corporate tax revenue that was meant to fund healthcare, clean energy, education, and more.

We cannot let this stand. Congress must act immediately to hold the Trump administration accountable. Tell lawmakers to demand the Treasury Department and IRS enforce the Corporate Alternative Minimum Tax and end these illegal corporate giveaways.

Corporate tax receipts have already dropped by 15% since these rollbacks began. Multinationals are exploiting the same gimmicks that the Corporate Alternative Minimum Tax was created to stop, while small businesses continue to pay full freight.

This is how inequality grows. When corporations hide their profits overseas or claim they don’t meet the threshold for taxation, the rest of us lose funding for schools, hospitals, and housing. The Treasury’s job is to enforce the law as written, not rewrite it to please billionaire and corporate donors. These actions violate both the spirit and the letter of the Inflation Reduction Act―the legislation that created the Corporate Alternative Minimum Tax.

We’ve fought to make sure America’s biggest, most profitable corporations paid at least something in taxes each year. When President Biden signed the Corporate Alternative Minimum Tax into law, it was a direct result of our movement’s work.

Congress must use its oversight powers to reverse these illegal regulatory changes. We worked hard to pass this reform, and we are not about to let unelected bureaucrats dismantle it in service to billionaire interests.

Tell Congress to step in, enforce the Corporate Alternative Minimum Tax, and make billion-dollar corporations pay what they owe.

Together, we can hold the powerful accountable and make sure the wealthy pay their fair share.

David Kass
Executive Director
Americans for Tax Fairness Action Fund

[1] How the Trump Administration Is Giving Even More Tax Breaks to the Wealthy