Paul L. Caron

Tuesday, June 15, 2021

Thuronyi: The Internal Revenue Code Should Be Be Redrafted

Victor Thuronyi (Former Lead Tax Counsel, IMF), Should the IRC Be Redrafted?, 171 Tax Notes Fed. 1429 (May 31, 2021):

Tax Notes Federal (2020)Major tax changes are again being contemplated by Congress. In this context, is it possible to make the IRC easier to read and understand? While the tax code is notoriously complex, is this complexity the result of rules that are too complex or a style that is too impenetrable? As I explain below, the vast bulk of the problem is the complexity of the rules. Simplifying those rules should be a priority. That said, the drafting of the IRC can also be improved.

A project to rewrite the code should be undertaken, but its scope should be limited so that it can be accomplished in a reasonable period and without too much controversy or disruption.

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