{"id":34045,"date":"2025-07-10T13:11:36","date_gmt":"2025-07-10T13:11:36","guid":{"rendered":"https:\/\/financialrush.com\/?p=34045"},"modified":"2025-07-10T13:11:36","modified_gmt":"2025-07-10T13:11:36","slug":"corporate-winners-and-losers-of-the-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=34045","title":{"rendered":"Corporate winners and losers of the \u2018big beautiful bill\u2019"},"content":{"rendered":"

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This is an on-site version of the White House Watch newsletter. You can read the previous edition\u00a0here<\/a>. Sign up for free here<\/a> to\u00a0get it on Tuesdays and Thursdays. Email us at\u00a0whitehousewatch@ft.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n

Good morning and welcome to White House Watch!<\/p>\n

Let\u2019s get right into:<\/p>\n

Corporate America is broadly happy with Donald Trump\u2019s \u201cbig, beautiful bill\u201d since it extends tax cuts that make companies giddy.\u00a0<\/p>\n

But there are some clear winners and losers<\/a>. Here\u2019s a breakdown by sector:\u00a0<\/p>\n

Finance<\/h3>\n

The $13tn private capital sector \u2014 which includes investment firms such as Blackstone and Apollo \u2014 maintained their precious carried interest tax loophole, something Trump had said he\u2019d close. The loophole allows these dealmakers to pay the long-term capital gains tax rate on the performance profits they earn, instead of far higher income tax rates.\u00a0<\/p>\n

Banks will benefit from a deep slash in funding for the Consumer Financial Protection Bureau, a watchdog they\u2019ve accused of overstepping its mandates.<\/p>\n

Tech<\/h3>\n

Companies such as Amazon, Google, Meta and Microsoft had been lobbying intensely for a 10-year moratorium on state regulation of artificial intelligence, but the Senate voted it down. This means these groups, along with start-ups such as OpenAI and Anthropic can expect new rules throughout the US.<\/p>\n

Defence<\/h3>\n

The defence sector is one of the biggest winners. The bill adds $150bn to the Pentagon\u2019s budget, including a $23bn \u201cdown payment\u201d on Trump\u2019s \u201cGolden Dome\u201d missile defence system, $28bn for shipbuilding and more money for artillery and ammunition. The Golden Dome in particular will be a bonanza<\/a> for established giants like Lockheed Martin and Northrop Grumman, but also tech groups such as Palantir and Anduril.\u00a0<\/p>\n

Energy<\/h3>\n

It\u2019s a mixed bag for the energy sector. The coal industry got a last-minute win \u2014 producers of metallurgical coal will be able to get back 2.5 per cent of their costs against their taxes.<\/p>\n

While certain zero-carbon energy sources such as geothermal, hydropower and nuclear are keeping lucrative tax credits, many solar and wind projects will lose investment and production tax credits. Tax incentives for electric vehicles \u2014 a hallmark of Joe Biden\u2019s Inflation Reduction Act \u2014 will go poof in September. Credits for homeowners who put solar panels and heat pumps in their homes will also wind down.<\/p>\n

Retail and healthcare<\/h3>\n

One of the most contentious parts of the bill is the $9bn cut to federal food assistance programme, Snap, which will suppress grocery spending. Food companies ConAgra, Kellogg and Kraft Heinz had the highest shares of spending by Snap users. <\/p>\n

The most severe cuts to Medicaid, which gives health insurance to low-income Americans, were walked back, but smaller hospitals that rely on this money could struggle. The cuts are expected to increase the number of people without health insurance by 11.8mn.<\/p>\n

The latest headlines<\/h2>\n
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What we\u2019re hearing<\/h2>\n

Ahisary moved from Mexico in 1993 to South Central Los Angeles, where she worked multiple jobs and raised three children. In all that time as an undocumented migrant in the US, she has never experienced anything like the fear of the past few weeks.<\/p>\n

\u201cPeople are afraid that it\u2019s not safe to go out,\u201d Ahisary, who asked her name be changed for her safety, told the FT\u2019s Christopher Grimes, through an interpreter. \u201cIt\u2019s unfortunate because people have to go to work. If they don\u2019t go to work, how are they going to pay their bills?\u201d<\/p>\n

When outlining his vision for mass deportations during the presidential campaign, Trump said he would prioritise targeting those with criminal records for removal. But the policy has broadened to include undocumented migrants with deep ties in the US who do not have criminal histories, especially in large Democratic cities.<\/p>\n

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At the heart of Trump\u2019s mass deportation efforts is US Immigration and Customs Enforcement (ICE). The federal law enforcement agency has used aggressive tactics, striking fear and terror throughout the country\u2019s immigrant communities<\/a>.<\/p>\n

\u201cI think the shift is that the administration is realising that if you continue to focus on the criminal population [they\u2019re] never going to get to those [deportation] numbers that [they\u2019re] looking for\u201d, John Sandweg, a former ICE acting director during Barack Obama\u2019s administration, told me.<\/p>\n

As ICE puts on a show of force, featuring masked agents in bulletproof vests, the message to undocumented immigrants is clear: go home before we get you.<\/p>\n

Of the 56,397 people held in ICE detention as of June 15, 71.7 per cent had no criminal record, according to the Transactional Records Access Clearinghouse, which tracks federal enforcement activities. The number of immigrants in detention with no criminal charges or convictions jumped 1,300 per cent from January to mid-June, according to David Bier of the Cato Institute, a libertarian think-tank.<\/p>\n

\u201c[The] fear factor is [an] extremely important part of the overall mass deportation initiative,\u201d said Doris Meissner, former commissioner of the US Immigration and Naturalization Service, an ICE precursor.<\/p>\n

Viewpoints<\/h2>\n
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