GEOPOLITICS | IRS Grants Tax Break to Corporations Amid Biden-Era Levy

The Internal Revenue Service (IRS) has provided a significant tax relief to major corporations, allowing them to benefit from U.S. President Donald Trump's lucrative research and development deduction without facing increased tax liabilities under a levy introduced during President Joe Biden's administration. Bloomberg posted on X, highlighting the impact of this decision on corporate tax bills. The move aims to balance the financial implications of the Biden-era tax policy, ensuring that companies can continue to invest in innovation without additional tax burdens. This development is part of ongoing adjustments in the U.S. tax landscape, reflecting the complexities of balancing corporate incentives with fiscal policies.