“This is not normal.”
Guess what happens when you rush a bill to give tax cuts to the wealthy through Congress with virtually no time for Members and the public to review it? A bill filled with errors. Politico details how the breakneck pace the GOP undertook to jam the law through Congress has left it with unprecedented errors and mistakes. Here are the highlights:
“The glitches in the new tax law are starting to pile up.”
“Another would allow wealthy money managers to sidestep a crackdown on lucrative tax breaks that allows them to pay lower taxes on some of their income than ordinary wage earners. A third creates two different start dates for new rules that make it harder for businesses to shave their tax bills.”
“There are dozens of other snafus, hitting everything from real estate investments to multinational corporations to farmers.”
“It’s hardly surprising there would be bugs in the sprawling new law H.R. 1 (115), but some experts say the sheer number is unusual, and blame the breakneck pace at which the legislation was pushed through Congress.”
“‘This is not normal,’ said Marty Sullivan, chief economist at the nonpartisan Tax Analysts. ‘There’s always this kind of stuff, but the order of magnitude is entirely different.’”
“Some of the glitches are simple drafting errors. Others would have unintended consequences. Still others are things in the law that aren’t clear.”
“‘That is already squeezing some companies’ finances, said Rachelle Bernstein, tax counsel at the National Retail Federation. “There are real economic implications right now,’ she said.”
“The glitches in the new tax law are starting to pile up.”
“Another would allow wealthy money managers to sidestep a crackdown on lucrative tax breaks that allows them to pay lower taxes on some of their income than ordinary wage earners. A third creates two different start dates for new rules that make it harder for businesses to shave their tax bills.”
“There are dozens of other snafus, hitting everything from real estate investments to multinational corporations to farmers.”
“It’s hardly surprising there would be bugs in the sprawling new law H.R. 1 (115), but some experts say the sheer number is unusual, and blame the breakneck pace at which the legislation was pushed through Congress.”
“‘This is not normal,’ said Marty Sullivan, chief economist at the nonpartisan Tax Analysts. ‘There’s always this kind of stuff, but the order of magnitude is entirely different.’”
“Some of the glitches are simple drafting errors. Others would have unintended consequences. Still others are things in the law that aren’t clear.”
“‘That is already squeezing some companies’ finances, said Rachelle Bernstein, tax counsel at the National Retail Federation. “There are real economic implications right now,’ she said.”