Victor Thuronyi: Should the IRC Be Redrafted? (June 16, 2021)

Victor Thuronyi, former lead tax counsel for the IMF, has made available for download his article, “Should the IRC Be Redrafted?”, published on the TaxNotes blog. The abstract is as follows:

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.

Click here to view Victor Thuronyi’s summary of “Should the IRC Be Redrafted?”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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