We’re old enough to remember when Republicans said their tax scam would “simplify” the tax code.
Turns out that was another broken promise, just like this one. The Wall Street Journal points out that the law has made the tax code a lot more complicated. Key excerpts:
Turns out that was another broken promise, just like this one. The Wall Street Journal points out that the law has made the tax code a lot more complicated. Key excerpts:
“In 2017, Congress passed the Tax Cuts and Jobs Act. Many of the jobs it is creating, it turns out, are in the tax industry.”
“The overhaul continues to generate thousands of jobs for tax professionals as companies analyze the law, restructure operations and rely on tax experts to do all the work flowing from the legislation and IRS regulations, according to lawyers and executives at tax firm…David Noren, a partner at McDermott Will & Emery LLP. ‘It’s created just a whole lot of new complexity and it’s given us mountains of new guidance to figure out and to deal with.’”
“Republicans sold the tax law to the public on the premise that the new tax system would be simpler…. Many companies, however, are encountering complex new provisions that create demand for sophisticated tax advice and seasoned experts who can do the work.”
“‘What we’ve got is a system that is even more complex than the old system, and the consequence of that is it’s requiring a lot of time and effort on the part of our clients and us,’ said Pamela Olson, U.S. deputy tax leader at PwC LLP.”
“The overhaul continues to generate thousands of jobs for tax professionals as companies analyze the law, restructure operations and rely on tax experts to do all the work flowing from the legislation and IRS regulations, according to lawyers and executives at tax firm…David Noren, a partner at McDermott Will & Emery LLP. ‘It’s created just a whole lot of new complexity and it’s given us mountains of new guidance to figure out and to deal with.’”
“Republicans sold the tax law to the public on the premise that the new tax system would be simpler…. Many companies, however, are encountering complex new provisions that create demand for sophisticated tax advice and seasoned experts who can do the work.”
“‘What we’ve got is a system that is even more complex than the old system, and the consequence of that is it’s requiring a lot of time and effort on the part of our clients and us,’ said Pamela Olson, U.S. deputy tax leader at PwC LLP.”
Issues: