MOSCOW, Nov 9 — The United States (US) Treasury Department and the Internal Revenue Service (IRS) are consistently providing more and more tax breaks to large corporations, which is expected to increase the country's budget deficit.
Sputnik/RIA Novosti, quoting a New York Times (NYT) report, stated that the Treasury Department and the IRS, through a series of new notices and proposed regulations, are providing benefits to large private equity firms, cryptocurrency companies, foreign real estate investors, insurance companies, and various multinational corporations.
The NYT noted that in October, the Treasury and the IRS had provided new tax breaks to foreign investors in US real estate, and earlier, in August and September, they had scaled back efforts to combat tax evasion by large corporations.
At the same time, these measures complement the package of tax breaks totalling approximately US$4 trillion (RM16.70 trillion) approved by Trump in July as part of the 'Big Beautiful' budget law.
Citing experts, the newspaper also indicates that the tax breaks will likely increase the US budget deficit by "hundreds of billions" of dollars.
Nevertheless, a representative of the US Treasury Department told the publication that the new tax policy of the authorities is a practical approach that supports American investment and competitiveness in contrast to the "bureaucratic red tape" of former US president Joe Biden.
The NYT emphasises that the US Treasury Department does not widely publicise such changes in tax policy, but they are being monitored by tax consultants of the country's largest corporations, who are pleased with the Trump administration's course.
It is also indicated that Trump pursued a similar tax policy during his first presidential term.
On July 4, Trump signed a new One Big Beautiful Bill Act, which included massive tax cuts, increased defence spending, and a higher national debt ceiling. The 940-page document sparked controversy in Congress and criticism from the opposition.
