Ron Wyden: “The second is an investment credit to encourage investments in the smallest of the small businesses.”

This throws doubt upon Treasury’s interpretation of many provisions of the Code, creates a great deal of uncertainty in the administration of our tax laws, and could balloon the deficit.

Turning the 1040 into an immigration tracker actively sabotages voluntary tax compliance and undermines the IRS’s core tax collection responsibilities.

The proposed rule is clear regulatory overreach that would have disastrous impacts for lawfully present immigrants and their families who are legally eligible for refundable tax credits.

This interpretation is wildly inconsistent with the longstanding treatment of other provisions that use identical or near-identical language.