Trump’s Quiet Giveaway to His Big Business Cronies

Photo caption: President Donald Trump delivers remarks at the America Business Forum Miami at the Kaseya Center in Miami, Florida, Wednesday, November 5, 2025. Photo credit: Official White House photo by Molly Riley via Flickr. US government work. Article by Timothy Noah. The New Republic – November 11, 2025.

In 2024, Tesla reported a profit of $7.1 billion but paid no corporate income tax, according to an analysis by the nonprofit Institute of Taxation and Economic Policy, or ITEP. That isn’t particularly unusual. Corporations are forever telling the Internal Revenue Service that their profits are low even as they tell Wall Street that their profits are high. This is, weirdly, legal. Corporations keep two sets of books that follow different accounting rules, one for the tax man and one for prospective investors. […]

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