The Scoop
The top Democrat on the Senate Banking Committee, Sen. Elizabeth Warren of Massachusetts, is asking the CEOs of Amazon, Apple, Alphabet, Meta, and Tesla how they swayed Republicans to pursue bringing back a provision allowing businesses to deduct research and development costs from their taxes right away, instead of spreading them out over multiple years.
The move, which is being weighed as part of the GOP’s tax package, could retroactively be worth a collective $75 billion for the last three years, Warren wrote in letters shared with Semafor Wednesday.
She’s asking how much they spent lobbying over the policy, how much they donated to policymakers who have advocated for it, which groups lobbied on their behalf, and plans for the cash they recoup, by Mar. 19.