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National security spending would soar to $1.5 trillion in the fiscal year that begins Oct. 1, a roughly 42 percent — or $445 billion — increase from this year’s level, the budget shows.
The minimum tax is aimed at preventing the largest corporations, those earning at least $1 billion, from paying very low effective tax rates.
billion in five-year grants for manufacturing and design of semiconductors and 5G wireless deployment, $24 billion to create a 25 percent tax credit for new semiconductor manufacturing facilities through 2026
But that limit comes off in 2026, and an all-Democratic Congress might seek immediate repeal. And charities, already chafing under the 2017 law’s higher standard deduction, would cry foul.