The Mnuchin cliffnotes from the US Chamber…
By David Dayen
TREASURY DEPARTMENT RECOMMENDATIONS for tax regulatory changes released Friday are almost entirely copied from a U.S. Chamber of Commerce memo on the same subject.
The five-page notice, released by the Internal Revenue Service, complies with Donald Trump’s Executive Order 13789, issued April 21. This order mandated a review of all tax regulations finalized since 2016. The interim report was to identify those regulations that imposed an “undue financial burden” on taxpayers, added “undue complexity” to the tax code, or exceeded the IRS’ regulatory authority.
The interim report was due June 20; Treasury did not release the notice publicly until 17 days later. Delays like this have become a typical feature of federal agencies’ compliance with Trump executive orders.
The tardiness of the Treasury report looks even worse considering one additional factor: in May, the Chamber of Commerce released their own report, highlighting tax regulations they believed created significant burdens and complexities. Treasury treated this report the way a kid who didn’t prepare for a test in school would treat the smart kid’s answer sheet the next desk over.