John,

Today is Black Friday, which officially kicks off the holiday shopping season. While billion-dollar corporations are raking in massive profits, the Trump administration is illegally giving them massive tax breaks.

The Corporate Alternative Minimum Tax was one of the most important provisions in the Biden administration’s Inflation Reduction Act. It ensures that large corporations reporting more than $1 billion in annual profits pay at least a 15% tax on the profits they boast to shareholders rather than what they report to the IRS. It was projected to raise $222 billion over the next decade, ending the era of giant corporations paying little or nothing in federal income taxes.

Now, the Treasury Department and IRS are loosening enforcement and exempting entire industries from compliance. All of this is on top of the $4 trillion in tax breaks that were given to corporations and the wealthy in the Big Brutal Bill this summer, the same bill that made more than $1 trillion in cuts to SNAP and Medicaid.

Families are struggling financially, SNAP recipients have had their benefits used as a political weapon, and many more people will go without this holiday season. But what are Trump’s priorities? Handing even more tax breaks to his billionaire buddies, even violating existing laws behind closed doors to do it.

This Black Friday, send a message to Congress demanding they enforce the Corporate Alternative Minimum Tax, stop Trump’s corporate tax giveaways, and hold these billion-dollar corporations accountable.

According to the Constitution, only Congress has the authority to pass tax laws. Still, the Treasury Department and the IRS have issued notices and proposed regulations that would provide larger tax breaks to billion-dollar industries such as private equity and cryptocurrency companies.¹ They hoped you wouldn’t notice.

All of this is happening on top of the Trump administration dismantling efforts by the IRS to crack down on aggressive tax shelters used by billion-dollar corporations and the ultra-wealthy. The crackdowns were projected to raise $100 billion over a decade.² This refusal to enforce the law means hundreds of billions going to those who don’t need or deserve it, while many millions of our neighbors struggle to afford the basics.

Congress has both the authority and the responsibility to intervene. Lawmakers must hold hearings, demand transparency, and force the Treasury Department and IRS to enforce the Corporate Alternative Minimum Tax as written in the Inflation Reduction Act.

Join us in calling on Congress to stop the Trump administration from handing out illegal tax breaks to billion-dollar corporations.

Thank you for all you do,

Deborah Weinstein
Executive Director, CHN Action

¹ How the Trump Administration Is Giving Even More Tax Breaks to the Wealthy
² Trump Administration Halts I.R.S. Crackdown on Major Tax Shelters