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PostPosted: Thu Dec 07, 2017 7:10 pm 
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Tax Experts Are Baffled by How Badly the Republicans Screwed Up Their Tax Bill
It turns out that passing something you haven't read has consequences.

The nation watched with bated breath last week as Mitch McConnell and his colleagues, eager to show Republican megadonors that their support for a unified Republican government was not a total waste of their money, at last managed to steer a tax bill through the United States Senate. [[[LOL LET'S STOP LEANING ON THIS TROPE FOR NOW: In news that will shock you]]]], it appears that the process they used to get the bill through—complete with frantic eleventh-hour overhauls of key provisions, barely-explained additions from corporate lobbyists, and illegible edits scrawled into the bill's margins—yielded a final product that makes absolutely no sense. From Politico:

Republicans’ tax-rewrite plans are riddled with bugs, loopholes and other potential problems that could plague lawmakers long after their legislation is signed into law.

...

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 doesn’t explain what’s considered an endowment, and some colleges have more than 1,000 accounts.

Drafting errors in legislation, which is written by overworked Hill staffers whose bosses aren't known for being a detail-oriented bunch, are pretty common, especially when it comes to major initiatives like tax reform. (Or health care reform, as the Democrats still grappling with the consequences of stray language in the Affordable Care Act can attest.) This bill, however, appears to have reached a special level of incomprehensibility. Experts told Politico that many of its new features are easily susceptible to the exact type of evasion or gaming it was designed to deter. Certain provisions intended to encourage entrepreneurism would actually make it less lucrative to start a business. And a brand-new international taxation system that legislators have yet to finalize is set to take effect on January 1, even though McConnell hopes to have a bill on the president's desk by Christmas.

“The more you read, the more you go, ‘Holy crap, what’s this?'” said Greg Jenner, a former top tax official in George W. Bush’s Treasury Department. “We will be dealing with unintended consequences for months to come because the bill is moving too fast.”

The conference committee process exists in part to address deficiencies like these, but some of the bill's more glaring problems threaten to jeopardize the entire operation. The corporate alternative minimum tax, which McConnell revived at the last minute in order to comply with the upper chamber's budget rules, is now expected to result in a $300 billion tax increase for the business community. (Oops.)

https://www.gq.com/story/tax-experts-on-gop-tax-bill


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PostPosted: Thu Dec 07, 2017 8:57 pm 
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dont let any of these idiot fools ever work for NASA.

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They are racists hate mongers I piss down the throats of these Nazis Im too old to worry whether they like it Fuck them.
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PostPosted: Thu Dec 07, 2017 9:24 pm 
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Now, since Republicans were so incredibly helpful in working with Democrats toward fixing what appeared to be unclear language or drafting mistakes in the ACA ...

I think you see where I am going with this. :D

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PostPosted: Thu Dec 07, 2017 9:55 pm 
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Didn't the republicans demand a couple of year ago before any bill can be voted on it had to be real aloud?

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PostPosted: Thu Dec 07, 2017 11:01 pm 
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Now, since Republicans were so incredibly helpful in working with Democrats toward fixing what appeared to be unclear language or drafting mistakes in the ACA ...

I think you see where I am going with this. :D


And you would be right.

I personally don't have a problem with lowering tax rates on business. I do think that the proposed changes to personal taxation is not clear cut at all. If you are married and have more two personal exemptions and you itemize deductions, you should be careful next year. I don't care what state you live in. Whatever you might gain in the doubling of the standard deduction and the lowering of certain tax rates might be offset by losing personal exemptions and the ability to deduct certain itemized deductions. I checked a couple of clients returns and their taxes might possibly increase under the new law. These are middle class tax payers. This is what happens when legislators attempt to write tax law. Kind of like asking a lawyer or accountant to build your house.

I applaud trying to do something about the problem which is the internal revenue code. I would prefer a more careful thoughtful approach. This is not something you rush. Health care is the same. Unintended consequences are a bitch and often difficult to fix especially when the original legislation is enacted along party lines.


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PostPosted: Sat Dec 09, 2017 12:23 pm 
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Tax bill could make 'dark money' political contributions tax deductible

(CNN) For the first time in American politics, anonymous "dark money" political donations could become tax-deductible. That's if a provision currently being debated between House and Senate negotiators makes it into the final tax bill.

http://us.cnn.com/2017/12/08/politics/t ... index.html


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