• 'Holy crap': Experts find tax plan riddled with glitches
    23 replies, posted
[url]https://www.politico.com/story/2017/12/06/tax-plan-glitches-mistakes-republicans-208049[/url] [quote]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 of the provisions could be easily gamed, tax lawyers say. Their plans to cut taxes on “pass-through” businesses in particular could open broad avenues for tax avoidance. Others would have unintended results, like a last-minute decision by the Senate to keep the alternative minimum tax, which was designed to make sure wealthy people and corporations don't escape taxes altogether. For many businesses, that would nullify the value of a hugely popular break for research and development expenses. 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 H.R. 1 (115) doesn’t explain what’s considered an endowment, and some colleges have more than 1,000 accounts. In many cases, Republicans are giving taxpayers little time to adjust to sometimes major changes in policy. An entirely new international tax regime, one experts are still trying to parse, would go into effect Jan. 1, only days after lawmakers hope to push the plan through Congress.[/quote]
Yeah no shit.
Have fun in April or whenever your taxes are due.
I'm not so sure that some of the tax avoidance "glitches" were entirely unintentional.
[QUOTE=Nick Mason;52951167]I'm not so sure that some of the tax avoidance "glitches" were entirely unintentional.[/QUOTE] When there's a tax cut for owning a private jet, you know they aren't.
[quote]An entirely new international tax regime, one experts are still trying to parse, would go into effect Jan. 1, only days after lawmakers hope to push the plan through Congress.[/quote] This is gonna be amazing
Well, Elizabeth Warren correctly predicted this. If Warren doesn't run, America's fucked, because apart from Bernie, there is nobody good available. Al Franken would have been good if this drama hadn't happened. I hear positive stuff about Kamala Harris, but have little experience of her. Corey Booker is a corporate hack, which sucks, as I liked him. I know this joke is probably well known now, but whomever runs, MUST use the slogan "Hindsight is 2020."
It's almost like they threw it together as quickly as possible and hardly anyone actually had a chance to read it before voting purely on party lines.
You know, the shock really hit me when the article stated all this goes into effect january 1st. Like how in the ever living hell is the stock market not accounting for the rediculous amount of uncertainty? The last four years if Yellen sneezed there would be calls for everybody to abandon ship, but hey rewriting the entire tax code in a week and then applying it the next week is not risky at all.
This is the same amount of disconnect I feel when I handle big numbers like distances in the universe just this time it's with idiocy and stupidity. My brain is just not capable of handling it.
Can't have a tax code that would, gasp, actually make rich people pay their taxes and lower the tax burden on the poor. That's not even counting the pro-life "life begins at conception" bullshit.
[QUOTE=Sableye;52951342]You know, the shock really hit me when the article stated all this goes into effect january 1st. Like how in the ever living hell is the stock market not accounting for the rediculous amount of uncertainty? The last four years if Yellen sneezed there would be calls for everybody to abandon ship, but hey rewriting the entire tax code in a week and then applying it the next week is not risky at all.[/QUOTE] The tax code is already plenty corporate-friendly. Nobody's going to go bankrupt if this doesn't pass. Any damage this will do will take place well after next fiscal quarter, which is basically the end of time as far as the stock market is concerned.
[QUOTE]It appears that Senate Republicans managed to make a $289 billion or so mistake while furiously hand-scribbling edits onto the tax bill they passed in the wee hours of Saturday morning. The problem involves the corporate alternative minimum tax, which the GOP initially planned to repeal, but tossed back into their stew at the last second in order to raise some desperately needed revenue. The AMT is basically a parallel tax code meant to prevent companies from zeroing out their IRS bills. It doesn’t allow businesses to take as many tax breaks but, in theory, is also supposed to have a lower rate. Except not under the Senate bill. When Mitch McConnell & co. revived the AMT, they absentmindedly left it at its current rate of 20 percent, the same as the new, lower rate of the corporate income tax that the bill included. As a result, many companies won’t be able to use tax breaks that were supposed to be preserved in the legislation, including the extremely popular credit for research and development costs[/QUOTE] Haha dear God this is retarded. [url]https://slate.com/business/2017/12/senate-republicans-may-have-made-a-usd260-billion-mistake-in-their-tax-bill.html[/url]
[QUOTE=Potus;52951378]Haha dear God this is retarded. [url]https://slate.com/business/2017/12/senate-republicans-may-have-made-a-usd260-billion-mistake-in-their-tax-bill.html[/url][/QUOTE] It's almost like rushing out a tax bill is a bad idea or something. WEIRD!
[QUOTE=Potus;52951378]Haha dear God this is retarded. [url]https://slate.com/business/2017/12/senate-republicans-may-have-made-a-usd260-billion-mistake-in-their-tax-bill.html[/url][/QUOTE] [quote]As a result, many companies won’t be able to use tax breaks that were supposed to be preserved in the legislation, including the extremely popular credit for research and development costs[/quote] I can imagine that those people who get paid by those companies will come out against this.
[media]https://twitter.com/JustinWolfers/status/938254283727831042[/media]
Republicans fucking with their sponsors’ income is a guaranteed death sentence for their careers. They likely just handed 2018 and possibly 2020 to the Dems.
Remember that Trump was going to make it harder to break the system for big business, because he was an insider!!!
Even the Onion can't keep up with this shit. The Three Stooges couldn't reach this level of absurd incompetence, mainly because I don't think there was ever a Stooges skit where they were handed complete control of Congress and the White House. Moe/Larry 2020
[QUOTE=Potus;52951378]Haha dear God this is retarded. [url]https://slate.com/business/2017/12/senate-republicans-may-have-made-a-usd260-billion-mistake-in-their-tax-bill.html[/url][/QUOTE] I'm sorta curious if this will affect my company - we're [I]entirely[/I] R&D and our profit margin isn't exactly huge (such is R&D). If it hurts us, that's just more reason for people here to dislike the orange baboon and his cronies in congre
[QUOTE=Potus;52951518][media]https://twitter.com/JustinWolfers/status/938254283727831042[/media][/QUOTE] I guess it's going to be revenue positive after all :downs:
[QUOTE=Potus;52951518][media]https://twitter.com/JustinWolfers/status/938254283727831042[/media][/QUOTE] How do you [B]fuck up[/B] this hard.
I wonder if someone took advantage of the fact that the main pushers of the bill were planning to ram it through with little time to read it, so they scribbled in these revisions to show them just how fucking stupid that is...
[QUOTE=SunsetTable;52953239]How do you [B]fuck up[/B] this hard.[/QUOTE] By spending eight years doing your damndest to destroy the government, having such a divided party that a complete outsider is able to hijack your nomination and turn it into a racist, treasonous disaster, win only because you've gerrymandered everything to hell and have been feeding half the population lies until they don't trust even their own eyes, having no real objective other than "pass something, ANYTHING, so we can claim to have achieved something instead of sitting and squabbling for a solid year", refusing to listen to your own experts, refusing to even show your ideas to the opposition party (making them vote against it en bloc, requiring you to indulge the whims of your craziest fringe members to pass it with the slimmest of majorities), and then rushing it so much that you're literally scrawling notes in the margins like a drunk angry Fermat.
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