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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 MnuchinIMF's Christine Lagarde delays trip to Middle East Saudi mystery drives wedge between Trump, GOP Trump: Saudi Arabia another case of 'guilty until proven innocent' 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 TrumpFive takeaways from Cruz, O'Rourke's debate showdown Arpaio files libel suit against New York Times IMF's Christine Lagarde delays trip to Middle East 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said the rules it's proposing to repeal fit into three categories: Rules interpreting tax-code sections that have been repealed, rules interpreting tax-code sections that have been significantly changed and rules that no longer apply.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.