The Treasury Department plans to eliminate nearly 300 outdated tax regulations, getting tax rules off the books that in some cases have not applied since the 1940s.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