Donald Trump is not the only one who has managed to whittle down his tax bill during his presidency — the world’s largest private equity firm, the Blackstone Group, reported that its effective income tax rate went below zero last year even as it raked in billions in profits, according to corporate documents reviewed by the Daily Poster.

Now, Blackstone billionaire CEO Stephen Schwarzman has become one of the GOP’s largest donors, as one study shows his net worth has increased by 27 percent during the coronavirus pandemic. In all, Schwarzman has funneled nearly $25 million into campaigns to help Republicans retain control of the Senate and to help Trump win reelection.

That money is a Wall Street insurance policy: If Republicans retain control of the presidency or the Senate, the GOP will almost certainly maintain the tax cuts that last year prompted Blackstone to convert its firm from a partnership into a traditional C corporation, which is more directly subjected to the newly reduced federal corporate income tax. The financial maneuver coincided with Blackstone reporting a sub-zero tax rate in 2019.