The Trump administration has been giving additional massive tax breaks to uber-wealthy corporations through under-the-radar notices, according to a report.
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.”
The recent IRS tax notices tack on to the tax relief laid out in President Donald Trump’s “One Big Beautiful Bill” Act, which included the extension of the so-called “Trump tax cuts” from 2017 that the Congressional Budget Office estimated would reduce tax revenue by $4 trillion in the next decade.
The Independent has contacted the Treasury Department for comment.
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