Several Senators sent a letter to the IRS urging changes to various grantor trust rules. They believe the IRS has the authority to make these changes. We shall see.
Encouraging the revocation of a revenue ruling as a way to increase taxes or close a loophole demonstrates that the senators have no idea what makes a law. Revenue rulings are only the IRS interpretation of existing law. They are guidelines, not law themselves. Revoking the rulings would merely leave taxpayers with less certainty as to how to apply existing law to specific circumstances, but revocation would not change the law.
Encouraging the revocation of a revenue ruling as a way to increase taxes or close a loophole demonstrates that the senators have no idea what makes a law. Revenue rulings are only the IRS interpretation of existing law. They are guidelines, not law themselves. Revoking the rulings would merely leave taxpayers with less certainty as to how to apply existing law to specific circumstances, but revocation would not change the law.