PANews reported on November 9th, citing The New York Times, that the U.S. Treasury Department has passed proposed regulations offering tax breaks to private equity firms, cryptocurrency companies, foreign real estate investors, and other large corporations. For example, in October, the IRS released new proposed regulations that would provide incentives for foreign investors investing in U.S. real estate. In August, the IRS proposed relaxing regulations preventing multinational corporations from evading taxes by filing duplicate losses in multiple countries. These announcements have not yet made headlines, but have already attracted attention from accounting and consulting firms. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, stated, “The U.S. Treasury Department has clearly been implementing tax cuts without legislation. Congress decides tax laws. The Treasury Department is asserting more power in the tax law structure than Congress has granted it, undermining this constitutional principle.”


