Administration to Cut More Regulations

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from the Washington Free Beacon:

Feds to Repeal 298 Tax Regulations

Steve Mnuchin

Treasury seeking to eliminate outdated regs dating back to 1941

The Treasury Department plans to eliminate nearly 300 outdated tax regulations, getting tax rules off the books that in some cases have not applied since the 1940s.

The department announced its proposal to eliminate unnecessary tax regulations this week, in compliance with two executive orders signed by President Donald Trump last year to reduce regulatory burdens and simplify the tax code.

“We continue our work to ensure that our tax regulatory system promotes economic growth,” said Secretary Steven 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,” he said.

Executive Order 13789, signed last April, instructs the Treasury to “bring clarity” to the tax code and identify all tax regulations that “impose an undue financial burden on United States taxpayers,” “add undue complexity to the Federal tax laws,” or “exceed the statutory authority of the Internal Revenue Service.”

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