The Internal Revenue Service (IRS) announced on Tuesday that it intends to eliminate 298 tax regulations that it has deemed unnecessary in an effort to meet President Donald Trump’s demand to reduce the regulatory burden.
The action by the IRS follows a pair of executive orders issued by Trump last year. One directed each government agency to conduct a review of existing regulations, while another instructed the IRS to simplify the tax code through deregulation.
The regulations the IRS has identified for removal have “no current or future applicability and, therefore, no longer provide useful guidance,” the agency said. The rules either apply to the old tax code, to provisions that have been significantly revised or are just no longer relevant. Some of the laws identified for removal have been outdated for decades. – READ MORE
[give_form id=”79809″] [divider][/divider]If first quarter tax revenues are any indication, Trumponomics is operating much like Reaganomics and producing the same kind of results: lower taxes and deregulation resulting in more economic growth and, thus, more tax revenues.
In the first quarter after the Republican-passed, Donald Trump-signed reform bill — which will save taxpayers and corporations $1.5 trillion in taxes over ten years — tax revenues actually increased by $18 billion (5.2%) over the previous year, resulting in the government running a $51-billion surplus.
The CBO notes that not all employee tax withholdings have been updated under the new policies; companies have until mid-February to do so. However, as Investors Bureau Daily underscores, the CBO’s numbers suggest that gains in wages and salaries are likely to continue and even “accelerate” due to the tax cuts.
The increase in tax revenues corresponds with the positive economic news of the last few months. Trump’s aggressive approach to slashing regulations — more aggressive, in fact, in than Reagan so far — appears to be paying dividends. The Atlanta Fed’s recent forecast for the first quarter of 2018 indicates a dramatic increase in GDP of an estimated 5.4%. – READ MORE
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