U.S. Treasury Department provides tax breaks to large companies, including cryptocurrency companies, without legislation

According to Foresight News, the U.S. Treasury Department has provided tax breaks to private equity firms, cryptocurrency companies, foreign real estate investors and other large companies this year, according to the New York Times. In October this year, the Internal Revenue Service (IRS) released new proposed regulations that would provide incentives to foreign investors investing in U.S. real estate. In August, the Internal Revenue Service (IRS) proposed relaxing rules that prevent multinational companies from avoiding taxes by claiming duplicate losses in multiple countries.


The New York Times said the announcements have not yet made headlines, but have been noticed by accounting and consulting firms. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, a think tank, said the Treasury Department has apparently been enacting unlegislated tax cuts. The Constitution provides that Congress determines tax laws, and the Treasury Department undermines this constitutional principle by asserting greater authority over the structure of tax laws than Congress has given it.

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