POWER!!!! Fortescue Future Industries, page-6115

The claim that "The Trump tax bill will give incentives to industries of the past and taxes industries of the future" is supported by several key aspects of the proposed "One Big Beautiful Bill" and related tax policies. Here’s an analysis based on the search results:

1. Incentives for "Industries of the Past"

The bill prioritizes tax breaks and subsidies for traditional industries, including:

• Fossil Fuels & Heavy Industry: The bill accelerates tax credits for coal used in steel production while phasing out renewable energy incentives 6.

• Legacy Manufacturing & Small Businesses: It extends 100% bonus depreciation for equipment and factories, benefiting sectors like automotive and heavy machinery 10.

• Family Farms & Estate Tax Cuts: The bill raises the death tax exemption, protecting inherited wealth in agriculture and real estate 110.

2. Taxing or Cutting Support for "Industries of the Future"

Conversely, the bill reduces or eliminates incentives for emerging sectors:

• Clean Energy & Critical Minerals:

  • The 45X tax credit for domestic critical minerals (nickel, rare earths) is repealed, harming U.S. competition with China 3.

  • Wind and solar tax credits face an accelerated phase-out, with projects required to be operational by 2027 instead of 2025 6.

  • The Electric Vehicle (EV) tax credit ends abruptly in September 2025, disadvantaging automakers transitioning to electrification 6.

• Semiconductor & Advanced Tech:

  • Trump opposes the CHIPS Act, which spurred $450B in private semiconductor investments, calling it a "horrible thing" despite bipartisan support 2.

  • Retroactive tax breaks for past investments (e.g., factory expensing) reward existing corporations without encouraging new innovation 2.

3. Economic & Strategic Implications

• Short-Term Gains vs. Long-Term Risks: While traditional industries may benefit, analysts warn that cutting green energy and critical mineral incentives could leave the U.S. dependent on China for future tech and defense supply chains 36.

• Political Motivations: Critics argue the bill is more about reversing Biden-era policies (e.g., Inflation Reduction Act) than fostering growth in high-tech sectors 28.

Conclusion

The tax bill’s approach aligns with Trump’s "America First" agenda but risks stifling innovation in renewables, EVs, and semiconductors—key industries for economic and national security. Meanwhile, it reinforces legacy sectors with tax cuts and deregulation, creating a lopsided economic landscape 13