Treasury to withdraw proposed estate tax rules

Treasury to withdraw proposed estate tax rules
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The Treasury Department announced on Wednesday that it is planning to withdraw estate-tax rules proposed by the Obama administration that were widely opposed by GOP lawmakers and business groups.

The department in a report called the rules’ approach “unworkable.”

President Trump ordered the report in April, instructing the Treasury Department to examine tax regulations issued on or after Jan. 1, 2016. In July, Treasury identified eight rules that it found to have an undue burden on taxpayers or add excessive complexity to tax laws.

Treasury said in a statement that the department is also working on identifying other rules to potentially revise or repeal.

“This is only the beginning of our efforts to reduce the burden of tax regulations,” Treasury Secretary Steven Mnuchin said. “Our tax code has been broken for too long, and this retrospective review, along with our efforts on tax reform, will ensure that we have a tax system that fosters…

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