1 Comment

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.

Expand full comment