The U.S. Treasury Department provides tax breaks to private equity, cryptocurrency, and other companies without legislation

According to a report by The New York Times cited by Jin Ten, the U.S. Treasury Department has proposed regulations that provide tax relief to private equity firms, cryptocurrency companies, foreign real estate investors, and other large corporations.

For example, in October of this year, the IRS released new proposed regulations that will offer benefits to foreign investors in U.S. real estate. In August of this year, the IRS proposed relaxing rules that prevent multinational companies from avoiding taxes by claiming duplicate losses in multiple countries. These announcements have not yet made headlines but have caught the attention of accounting and consulting firms.

Kyle Pomerleau, a senior fellow at the American Enterprise Institute, stated, "The U.S. Treasury has clearly been implementing tax cuts without legislation. Congress determines tax law. The Treasury is asserting greater power over the structure of tax law than what Congress has granted, undermining this constitutional principle."