Ron Wyden: “If this continues to be our tariff policy, every major economist and forecaster is unfortunately predicting recession…”

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.

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

What I'm committed to doing is getting both of these over the finish line.

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