July 9, 2025
By: Antonine Gara
Donald Trump’s “big, beautiful bill” delivers big wins for private equity and fossil fuels, while hurting the renewables industry and some of the hottest companies in Silicon Valley.
The sweeping tax and spending legislation has been broadly embraced by American business thanks to the corporate tax cuts, enacted during Trump’s first term as president, which will be extended.
But it also creates winners and losers in critical US industries. A blizzard of last-minute changes as the bill moved through Congress by razor-thin margins spared some sectors — such as healthcare — from the most severe cuts, and stripped out some of the controversial provisions affecting investors.
One beneficiary is the $13tn private capital industry. Investment firms such as Blackstone and Apollo won big in the bill as lawmakers left its prized carried interest tax loophole untouched — after Trump said he would close it.
“If you are sitting in a private assets seat, this is a very good bill for you,” said Michael Pedroni, a former US Treasury official who now runs the consultancy Highland Global Advisors. “This bill represents a very big win for private assets…”
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