U.S. Treasury Accused of Providing Tax Breaks to Large Companies Including Crypto Firms Without Legislation

Techub News reported, according to The New York Times, that the U.S. Treasury Department has provided tax breaks this year to large enterprises such as private equity firms, cryptocurrency companies, and foreign real estate investors. In October this year, the Internal Revenue Service (IRS) issued new proposed regulations that would offer benefits to foreign investors investing in U.S. real estate. In August this year, the IRS also proposed relaxing rules aimed at preventing multinational companies from avoiding taxes by reporting duplicate losses in multiple countries. The report noted that although these announcements did not make headlines, they have attracted attention from the accounting and consulting industries. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, stated that the Treasury Department has been implementing "tax cuts without legislation."