BUDGET/GOP/IRS/TAXES/TREASURY: “A turf battle is breaking out in the Republican Party over which agencies should have a say in writing new regulations stemming from last year’s landmark tax legislation.
Some Republican senators are pressuring the Office of Management and Budget to get involved in reviewing tax regulations, breaking a 35-year-old practice where tax regulatory work is handled by the U.S. Treasury Department and the Internal Revenue Service and doesn’t get a full OMB review.
Most other cabinet departments submit rules to OMB so their economic effects can be analyzed and coordinated with other agencies, with an eye on assessing the costs and benefits of new rules.
Many areas of the new tax law require regulations, which would define key terms for international businesses and pass-through firms such as partnerships and S corporations. Businesses are eagerly awaiting the rules so they can make decisions and investments.”
-Richard Rubin, “Tax Regulations at Center of GOP Dispute,” The Wall Street Journal online, Feb. 19, 2018 04:26pm