Haste on Tax Measures May Leave a Trail of Loopholes
7 replies, posted
[url]https://www.nytimes.com/2017/11/13/business/economy/corporate-tax.html[/url]
[quote]“Slow down” is the last thing that supporters of the Republicans’ proposed tax overhaul want to hear. “My donors are basically saying get it done or don’t ever call me again,” Chris Collins, a representative from New York, said last week.
But the rush to “get it done” — particularly on the business side, where the most sweeping changes are planned — is alarming tax specialists who warn that new and unforeseen complexity, loopholes and glitches could come back to haunt tax collectors and taxpayers.
“All of this is happening in an incredible rush, and frankly it’s absurd and incredibly poor governing to push a bill of this significance in the time frame they’re doing,” said Stephen E. Shay, a senior lecturer at Harvard Law School who worked in the Treasury Department during the Reagan and Obama administrations.
With accountants, lawyers and lobbyists still poring over the varying versions of the bills released by the House of Representatives and the Senate, some of the loopholes and tax dodges spotted so far — whether unintended or not — include these:
■ A tax designed to prevent giant multinationals from shifting profits offshore also creates new opportunities for small and medium-size firms to use tax havens to slice their tax rate in half.
■ A provision aimed at helping small business could turn into a windfall for wealthy investors who use it to lower their tax rate on rental and interest income.
■ An incentive to invest in slipshod, money-losing ventures would be created by the combination of a new proposal to immediately expense investments with the Senate’s suggested delay in the corporate tax cut.
■ Rules designed to prevent highly paid doctors, lawyers and other service providers from cashing in on new benefits aimed at small businesses can be easily circumvented.[/quote]
[QUOTE] “My donors are basically saying get it done or don’t ever call me again,"[/QUOTE]
The lack of subtlety is at this point, merely tragic.
Isn't that the point? Leaving loopholes so the vested interest "donors" pay pennies in taxes?
[quote]some of the loopholes and tax dodges spotted so far — whether unintended or not [/quote]
I'm just gonna go out on a limb here and assume these oversights aren't accidents, either these proposed tax bill changes are done by someone with vested interests or they were created by an idiot.
[QUOTE=gufu;52886906]The lack of subtlety is at this point, merely tragic.[/QUOTE]
Republican politics in a nutshell tbh
[QUOTE=Fourm Shark;52886985]Legal bribery at its finest[/QUOTE]
this is what happens when the strength of a campaign in the US is determined the amount of money it receives from super PACs. you end up with politicians who exist to serve corporate interests, not the people.
Like the Mosul Dam in iraq, we will be plugging this thing for decades if it passes, and oh god is it going to be awful.
[QUOTE=Luni;52887118]Republican politics in a nutshell tbh[/QUOTE]
Though more prevalent in Republicans, it's far from limited to them.
Sorry, you need to Log In to post a reply to this thread.