12,690. 1/12/2018

GOP/IRS/STEVE MNUCHIN/TREASURY: “Republican lawmakers have said they intend to pass a technical corrections bill, but any new law is likely to need 60 votes in the Senate, a difficult hurdle. Lawmakers have already started to re-examine one change that would give some farmers and cooperatives a significant tax advantage over their competitors.
Mr. Mnuchin also said the administration is seeking additional funding for the IRS this year to implement the new law, which he said will require a tremendous amount of work by the Treasury Department and IRS…
A recent report from that agency’s in-house advocate said it would struggle to implement the new tax law without more money, after years of budget cuts. The agency needs to update forms, create new definitions, write regulations and field questions from taxpayers.
Mr. Mnuchin also said he was confident lawmakers would come to an agreement, either long-term or short-term, to fund the government and avoid a shutdown before a current short-term spending bill expires Jan. 19.
Republican lawmakers have said they intend to pass a technical corrections bill, but any new law is likely to need 60 votes in the Senate, a difficult hurdle. Lawmakers have already started to re-examine one change that would give some farmers and cooperatives a significant tax advantage over their competitors.
Mr. Mnuchin also said the administration is seeking additional funding for the IRS this year to implement the new law, which he said will require a tremendous amount of work by the Treasury Department and IRS.”

-Kate Davidson, “Steven Mnuchin Unsure if Bill Needed to Shore Up Tax Law,” The Wall Street Journal online, Jan. 12, 2018 09:32am

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