The Trump administration is quietly waging an all-out regulatory war on a Biden-era corporate tax that aimed to prevent large companies from dodging their tax liabilities while reporting huge profits.

The corporate alternative minimum tax (CAMT) was enacted as part of the Inflation Reduction Act , Democratic legislation that former President Joe Biden signed into law in 2022. The CAMT requires highly profitable US corporations to pay a tax of at least 15% on their so-called book profits, the figures reported to shareholders.

As the Institute on Taxation and Economic Policy has explained : “Many of the special breaks that corporations use to avoid taxes work by allowing companies to report profits to the IRS that are much smaller than their book profits. Corporate leaders pref

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