Wall Street Gets a Trump Tax Break to Fire Workers

Congressional lawmakers have inserted a line into President Donald Trump’s new tax bill that would reward Wall Street firms with billions of dollars of new tax breaks when they load up companies with debt and proceed with worker pay cuts, factory closures, and mass layoffs, according to bill text reviewed by The Lever. 

The new bipartisan provision is the culmination of a multimillion-dollar lobbying campaign by private equity giants, whose executives have been among the biggest supporters of Trump and the lawmakers behind the legislation.