Ill-Considered Tax Credit Regulation May Put the Squeeze on Charities, Taxpayers
From: Real Clear Policy
By Jerry Ellig
The White House Office of Information and Regulatory Affairs (OIRA) has started reviewing a draft of a final Internal Revenue Service regulation that seeks to prevent taxpayers from avoiding the cap on state and local tax deductions (colloquially known as the “SALT cap.”) Unfortunately, the version of the regulation the IRS proposed last August would also impose collateral damage on legitimate charities and taxpayers who are below the SALT cap. The administration can remedy those problems if it uses the OIRA review process to enforce some basic principles that have guided executive branch regulatory development for four decades.
Comments are closed.