February 13, 2018
Treasury wipes 300 IRS regulations off the books
The Treasury Department has joined in with other key agencies to make good on President Trump’s promise to substantially reduce regulations, targeting nearly 300 Internal Revenue Service rules for the trash heap.
Treasury Secretary Steven Mnuchin said that many of the 298 proposed for elimination have been changed or repealed by laws but are still on the books, creating confusion for taxpayers and corporations.
“We continue our work to ensure that our tax regulatory system promotes economic growth,” he said.
“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,” he added.
Trump has called on his administration to kill regulations that are duplicative or outdated and the Treasury list is a good example of those. He issued an executive order April 21 directing Treasury to simplify the tax system.
Treasury called those targeted “unnecessary, duplicative or obsolete and force taxpayers to navigate needlessly complex or confusing rules.”
In the notice issued today, Treasury said, “This notice of proposed rule making proposes to streamline IRS regulations by removing 298 regulations that are no longer necessary because they do not have any current or future applicability under the Internal Revenue Code and by amending 79 regulations to reflect the proposed removal of the 298 regulations. The proposed removal and amendment of these regulations may affect various categories of taxpayers.”
The administration has more than achieved Trump's campaign promise to kill two regulations for every new one created. At one point, his team was eliminating 16 older regulations for every new one.
In a statement, Treasury said that the three categories targeted are:
- Regulations interpreting provisions of the Code that have been repealed.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Regulations that are no longer applicable.