U.S. Treasury's Tax Relief Measures for Corporations Raise Concerns

According to Foresight News, the U.S. Treasury has provided tax relief to private equity firms, cryptocurrency companies, foreign real estate investors, and other large corporations this year. In October, the Internal Revenue Service (IRS) introduced new proposed regulations offering benefits to foreign investors in U.S. real estate. Additionally, in August, the IRS suggested easing rules that prevent multinational companies from avoiding taxes by claiming duplicate losses across different countries. The New York Times reports that these announcements have not yet made major headlines but have caught the attention of accounting and consulting firms. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, expressed concerns that the U.S. Treasury has been implementing tax cuts without legislative approval. He emphasized that the Constitution mandates Congress to decide tax laws, and the Treasury's actions appear to exceed the authority granted by Congress, undermining this constitutional principle.