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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsExperts complain that GOP tax-bill is riddled with bugs, loopholes and vague, undefined language.
https://www.politico.com/story/2017/12/06/tax-plan-glitches-mistakes-republicans-208049Some of the provisions could be easily gamed, tax lawyers say. Their plans to cut taxes on pass-through businesses in particular could open broad avenues for tax avoidance.
Others would have unintended results, like a last-minute decision by the Senate to keep the alternative minimum tax, which was designed to make sure wealthy people and corporations don't escape taxes altogether. For many businesses, that would nullify the value of a hugely popular break for research and development expenses.
Some provisions are so vaguely written they leave experts scratching their heads, like a proposal to begin taxing the investment earnings of rich private universities endowments. The legislation H.R. 1 (115) doesnt explain whats considered an endowment, and some colleges have more than 1,000 accounts.
In many cases, Republicans are giving taxpayers little time to adjust to sometimes major changes in policy. An entirely new international tax regime, one experts are still trying to parse, would go into effect Jan. 1, only days after lawmakers hope to push the plan through Congress.
The more you read, the more you go, Holy crap, whats this?' said Greg Jenner, a former top tax official in George W. Bushs Treasury Department. We will be dealing with unintended consequences for months to come because the bill is moving too fast.
...
The House bill also includes a whole new way of taxing multinational corporations aside from the one-time tax that lawmakers have hardly debated, and which experts are still trying to understand.
Its crazy, said one Republican lobbyist. I dont think anyone could explain it, let alone comply with it by Jan. 1.
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The ACA was in the works for 6 months and still needed fixing afterwards. Guess how much time Congress will spend fixing Trump's tax-bill.
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Experts complain that GOP tax-bill is riddled with bugs, loopholes and vague, undefined language. (Original Post)
DetlefK
Dec 2017
OP
They need it done by the end of the year to pass it with 51 votes in the Senate.
hedda_foil
Dec 2017
#3
BigmanPigman
(51,644 posts)1. The moron wants it done by Jan. 1st.
That is why they are rushing it through. They don't want word to get out about how screwed up it is. It can barely be considered a rough draft. The media was giving us distractions instead of covering the tax bill. Now they are finally getting on board. The two chambers have to negotiate after the House tweaks their version of the bill. This gives us a few weeks and our efforts are already paying off since they are so nervous they are supporting a pedophile just for his vote on the bill. Call your reps and check out other info at these links. This is NOT OVER!
https://www.trumptaxscam.org/
https://notonepenny.org/take-action/?p2asource=20171204tmemail
hedda_foil
(16,376 posts)3. They need it done by the end of the year to pass it with 51 votes in the Senate.
SO LET'S SLOW THE FUCKER DOWN!
democratisphere
(17,235 posts)2. Fussy redumbliCON tax shill with loopholes for the loopholes.
The art of corruption at its finest!