The rank-nullity ring of a matroid

We introduce the rank-nullity ring of a matroid $M$, which is a subring of the Chow ring of the permutahedral toric variety. This subring contains the tautological Chern classes of $M$, a fact we deduce from a highly symmetric formula for these classes. When the matroid $M$ is a uniform matroid, the rank-nullity ring coincides with the subring of $S_n$-invariants of the Chow ring of the permutahedral toric variety. In this case, we compute its Hilbert function explicitly and provide a Gr\"obner basis for the ideal of relations among its generators.