The struggle to preserve a tax break cherished by private equity proved to be one of the rare instances this year when congressional Republicans stood up to Trump, rebuffing the president’s early demands to raise taxes on carried interest. Attempts to pay for these by scaling back the corporate state and local tax deduction and to increase the stock buyback tax were beaten back by a heavy lobbying effort. The Trump tax bill ended former President Joe Biden’s signature tax credits for solar, wind and other renewable energy sources and curtailed the $7,500 consumer electric vehicle tax credit for cars made by Tesla Inc., Rivian Automotive Inc. and General Motors Co. Renewable energy companies Sunnova Energy International Inc., Solar Mosaic Inc. and Pine Gate Renewables LLC all filed for bankruptcy protection this year in part due to the ending of tax incentives.
Author: Tribune News Service
Published at: 2025-12-23 23:19:51
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