Tags: Trump Administration | Trump Tax Reform | experts | bugs | gop | tax | provisions

Experts Find Bugs, Provisions That Could Get Gamed in Tax Bill

Experts Find Bugs, Provisions That Could Get Gamed in Tax Bill
Rep. Kevin Brady (AP)

By    |   Wednesday, 06 December 2017 11:36 AM

Republicans are moving so fast in their rewriting of the tax legislation that they're exposing themselves to glitches and loopholes that could haunt them if they're not caught and cleaned up, Politico reported.

Tax experts who have poured through the legislation tell Politico that the language is rife with potential landmines.

"The more you read, the more you go, 'Holy crap, what's this?'" Greg Jenner, a former official in President George W. Bush's Treasury Department, told Politico. "We will be dealing with unintended consequences for months to come because the bill is moving too fast."

In their haste to meet a Dec. 22 deadline — President Donald Trump wants it sooner — for a final bill, Republicans could get exposed, for example, by the provisions for pass-through businesses that could easily be gamed by small business owners to take advantage of the 23 percent deduction, experts told Politico.

"This is an entirely new concept and, from a tax lawyer's perspective, it's like a new paint box," prominent tax attorney David Miller told Politico. "We have a new tool to play with."

And with major disparities existing between the two bills that have to get ironed in conference, cleaning up the provisions on the fly at and the pace they're moving will be challenging at best.

But at least they're aware.

"We've gotten really good feedback on how best to fine-tune it," House Ways and Means chairman Kevin Brady said, Politico reported. "It's really showing us where we need to land, and the issues we need to improve in conference."

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Republicans are moving so fast in their rewriting of the tax legislation that they're exposing themselves to glitches and loopholes that could haunt them if they're not caught and cleaned up, Politico reported.
experts, bugs, gop, tax, provisions
257
2017-36-06
Wednesday, 06 December 2017 11:36 AM
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