US Treasury Secretary Bessent said that tax rules should encourage investment rather than condone misuse of financial engineering. He said that the Ministry of Finance is happy to see innovation in the financial market, but it will not turn a blind eye to Wall Street's malicious tax avoidance, nor can it tolerate financial products aimed at exploiting gaps in the federal tax law. If a tax plan sounds too good to be true, then it is likely that there is a problem, and investors must think twice. The Department of the Treasury and the IRS are reviewing various Wall Street tax products that may exploit loopholes in tax laws, as well as tax planning plans that pose a risk of crossing the border.

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