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  I'm Jonathan Tamari, senior Washington reporter for Bloomberg Government, and each weekday I'll be coming to you with inside-the-room reporting and insights that reveal what's really happening in Washington—and how it impacts you. Email me with feedback and comments here. If this newsletter was forwarded to you sign up here. Today, lower corporate tax bills, higher gasoline prices and Wall Street's March madness bracket. Big Beautiful BusinessesThe Donald Trump-GOP tax bill has been very good for some huge businesses. Amazon's federal cash taxes fell roughly $4.8 billion last year compared to 2024 – a 64% drop despite rising US revenues. Eli Lilly shaved off $500 million from its federal cash tax payments, even as its US income grew by $13 billion, Bloomberg's Caitlin Reilly reports in a deeply researched story this morning. She found that nearly a dozen of the 50 largest US-listed companies directly attributed tax savings to Trump's law, according to regulatory filings. In all, annual corporate tax revenue dropped $65 billion following the passage of the bill.  The big savings for big businesses complicates the middle-class focus Republicans want when they promote the One Big, Beautiful Bill. The law is the signature accomplishment from Trump's first year and a key piece of the GOP's midterm pitch. Republicans have long argued that cutting business taxes stokes investment and creates widespread opportunity. But they've primarily sold this bill as a boost for everyday people, highlighting cuts to taxes on tips and overtime. They've tried to rebrand the legislation as the Working Families Tax Cuts. The law, though, has has polled poorly and been attacked by Democrats as a giveaway to the wealthy and big business. Meta's total cash taxes across jurisdictions dropped by $3 billion, or nearly 30%. Verizon and AT&T roughly halved their federal cash payments. "So far we're seeing corporate effective tax rates that are as low as anything my organization has measured in the last 40 years," Matthew Gardner, a senior fellow at the left-leaning Institute on Taxation and Economic Policy, told Caitlin. His group found more than 200 companies reporting significant tax savings. There may be many reasons for falling payments, including changes in annual revenue, investments, and available deductions. "I love the great Big Beautiful Bill," Trump told House Republicans at a fund-raiser last week. "We did a lot." For individual income tax filers savings were up nearly 11% on average through March 20, IRS data shows – good for $350 apiece. Top News
Watch  Democratic Senator Chris Coons calls Trump's approach to Iran "chaotic" and downplays the president's argument that there's a new, more moderate regime to negotiate with, in an interview on Bloomberg's Balance of Power. Chart of the DayUS gasoline topped $4 a gallon for the first time since August 2022, according to the American Automobile Association. Prices have surged more than $1 since the start of the war.  What's NextThe Conference Board's measure of consumer sentiment and expectations in March will be released Job openings and layoffs will be reported More From BloombergLike Washington Edition? Check out these newsletters:
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