Most big corporations are pretty squirrelly about disclosing the impact of the 2025 Trump tax cuts on their tax bills. And understandably so: last year’s tax cut has been remarkably unpopular, in no small part due to the huge tax giveaways it lavished on big multinationals. But ticket-broker giant Live Nation, whose ticketing service Ticketmaster was accused of anticompetitive practices by the Biden administration, isn’t shy: they say the new tax law is the reason they paid zero federal income tax in 2025, despite $145 million of U.S. profits.
Here’s the money quote from their latest annual report: “There was no cash paid for United States federal income taxes as we generated a taxable loss for…2025 due to the provisions allowed within the One Big Beautiful Bill Act.”
In other words, Live Nation is telling shareholders they made $145 million in the U.S., even as they tell the IRS they lost money.
