Treasury proposes repealing nearly 300 tax regulations

Treasury proposes repealing nearly 300 tax regulations
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The Treasury Department on Tuesday proposed repealing almost 300 tax regulations, as part of the Trump administration's efforts to reduce regulatory burdens.

“We continue our work to ensure that our tax regulatory system promotes economic growth,” Treasury Secretary Steven MnuchinSteven Terner MnuchinDem lawmaker calls for cryptocurrency probe after Mueller indictments Meet the woman who is Trump's new emissary to Capitol Hill On The Money: Fed chief lays out risks of trade war | Senate floats new Russia sanctions amid Trump backlash | House passes bill to boost business investment MORE said in a statement. “These 298 regulations serve no useful purpose to taxpayers and we have proposed eliminating them."

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President TrumpDonald John TrumpNFL freezes policy barring players from protesting during anthem McConnell spokesman on Putin visit: 'There is no invitation from Congress' Petition urges University of Virginia not to hire Marc Short MORE signed an executive order last April asking the Treasury Department to review tax regulations and Tuesday's announcement stems from the order.

The department said the rules it's proposing to repeal fit into three categories: Rules interpreting tax-code sections that have been repealed, rules interpreting tax-code sections that have been significantly changed and rules that no longer apply.

While the Treasury Department is proposing to do away with these regulations, it is also expected to issue a number of rules in the future to help to implement the new tax-cut law that Trump signed in December. A plan the department released earlier this month listed 18 areas of the new law where it plans to issue guidance.