Trump team secretly handing out massive tax breaks to wealthy corporations

 Independent, UK -  Through proposed regulations, the Treasury Department has offered tax relief to private equity firms, crypto companies, foreign real estate investors, and other large corporations, the New York Times first reported.

For example, in October, the IRS issued new proposed regulations that would provide breaks to foreign investors in U.S. real estate. In August, the IRS proposed a rollback of rules to prevent multinational corporations from dodging taxes by claiming duplicate losses in multiple countries.

The notices have not made headlines, but have been flagged by accounting and consulting firms.

“Treasury has clearly been enacting unlegislated tax cuts,” Kyle Pomerleau, a senior fellow at the think-tank American Enterprise Institute, told the Times. “Congress determines tax law. Treasury undermines this constitutional principle when it asserts more authority over the structure of the tax code than Congress provides it.”  More