Treasury Seeks to Repeal Almost 300 Tax Regulations
February 14, 2018 / Source: Bank News
The U.S. Department of the Treasury has proposed repealing 298 tax regulations it deems unnecessary, duplicative or obsolete. The statement released brands the regulations in question as forcing “taxpayers to navigate needlessly complex or confusing rules.”
The proposed repeals are in response to an executive order issued by President Trump on April 21, 2017, directing the Treasury to review tax regulations to ensure a simple, fair, efficient and pro-growth tax system.
Regulations under consideration for repeal fall into three categories:
Regulations interpreting provisions of the Code that have been repealed
Regulations interpreting provisions that have been significantly revised and the existing regulations do not account for these revisions
Regulations that are no longer applicable
“We continue our work to ensure that our tax regulatory system promotes economic growth,” said secretary Steven T. Mnuchin. “These 298 regulations serve no useful purpose to taxpayers, and we have proposed eliminating them. I look forward to continuing to build on our efforts to make the regulatory system more efficient and effective.”
The full regulatory notice can be accessed here.