According to U.S. Treasury data, revenue from corporate income taxes fell by $52 billion between July and November 2025, compared with the same period in 2024. Experts attribute this to recent tax legislation that enables companies to reduce their taxable income. Under the One Big Beautiful Bill Act, which became law in July, rather than writing off expenses such as equipment purchases and domestic research and development investments incrementally over years, many businesses can now deduct the full costs in one year. Proponents argue that such policies will grow the U.S. economy over the long term. Detractors say such tax breaks enrich companies for doing what the market already rewards.
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