Foreign media: Without legislation, Trump team secretly offers massive tax breaks to super-wealthy companies

On November 9th, it was reported that the Trump administration has been secretly offering additional large-scale tax breaks to super-wealthy corporations. According to the New York Times, the US Treasury has offered tax breaks to private equity firms, cryptocurrency firms, foreign real estate investors and other large corporations through proposed regulations. For example, in October this year, the Internal Revenue Service (IRS) issued new proposed regulations that will provide preferential treatment to foreign investors who invest in US real estate. In August this year, the US Internal Revenue Service (IRS) proposed to relax rules that prevent multinational companies from avoiding taxes by filing duplicate losses in multiple countries. The announcements have yet to make headlines, but have been noticed by accounting and consulting firms. Kyle Pomerleau, senior fellow at the American Enterprise Institute, a think-tank, said: "The US Treasury has clearly been implementing unlegislated tax cuts. Congress decides the tax code. The Treasury undermines this constitutional principle by asserting greater authority over the structure of the tax code than Congress has given it."