Bloomberg reported on March 31, 2026 that annual corporate tax revenues dropped by $65 billion following passage of Trump's “One Big Beautiful Bill Act,” and that nearly a dozen of the 50 biggest US-listed companies attributed a drop in their federal cash income taxes directly to the law. Among the biggest beneficiaries were companies whose CEOs attended Trump's inauguration.
According to an analysis of 2025 annual reports by the Institute on Taxation and Economic Policy (ITEP), Amazon, Alphabet, Meta and Tesla, whose CEOs Jeff Bezos, Sundar Pichai, Mark Zuckerberg and Elon Musk attended the January 2025 inauguration, collectively reported $315 billion in U.S. profits for 2025 and paid just 4.9 percent of that in federal corporate income taxes. That is $51 billion less than they would have paid at the full 21 percent rate. ITEP says some of those breaks predate Trump, but much of the savings likely came from the 2025 law. Tesla reported zero current federal income tax on almost $5.7 billion of U.S. income. Amazon's tax bill fell to $2.8 billion in 2025, from $7 billion in 2023.
The law permanently restored immediate expensing of research costs and 100 percent bonus depreciation. ITEP found the four companies reported $13.8 billion in savings from the effectively retroactive research expensing and $15.3 billion from accelerated depreciation. The Congressional Budget Office estimated in July 2025 that the law will add $3.4 trillion to the national debt over the next decade.
Correction (October 14, 2026): An earlier version of this entry said Verizon saved $1.5 billion, that Fortune 100 companies receive about $48 billion a year from the law's corporate provisions, that tariffs cost typical families about $1,500 a year, and that the law loosened interest deduction limits. None of those figures could be traced to a live source, so they have been removed, along with an editorial line that the inauguration seats “paid for themselves.” Amazon's prior-year figure was corrected to the $7 billion it paid in 2023, and the entry now notes that ITEP attributes only part of the $51 billion to the 2025 law. Two dead links (a guessed CBO URL and an ITEP URL) were replaced.