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 MnuchinMajor Russian hacking group linked to ransomware attack on Sinclair: report The Hill's Morning Report - Presented by Alibaba - Biden jumps into frenzied Dem spending talks Former Treasury secretaries tried to resolve debt limit impasse in talks with McConnell, Yellen: report 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 TrumpJan. 6 panel faces double-edged sword with Alex Jones, Roger Stone Trump goes after Woodward, Costa over China Republicans seem set to win the midterms — unless they defeat themselves 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said the rules it's proposing to repeal fit into three categories: Rules interpreting tax-code sections that have been repealed, rules interpreting tax-code sections that have been significantly changed and rules that no longer apply.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.