“With little public scrutiny, the Trump administration is handing out hundreds of billions of dollars in tax cuts to some of the country’s most profitable companies and wealthiest investors,” the New York Times reports.

“The Treasury Department and Internal Revenue Service, through a series of new notices and proposed regulations, are giving breaks to giant private equity firms, crypto companies, foreign real estate investors, insurance providers and a variety of multinational corporations.”

“The primary target: The administration is rapidly gutting a 2022 law intended to ensure that a sliver of the country’s most profitable corporations pay at least some federal income tax.”