- Jul 2, 2003
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This is the result of making a huge bill, and rushing it through in a few days.
'This is not normal': Glitches mar new tax law
'This is not normal': Glitches mar new tax law
The glitches in the new tax law are starting to pile up.
One inadvertently denies restaurants, retailers and others generous new write-offs for things like remodeling.
Another would allow wealthy money managers to sidestep a crackdown on lucrative tax break that allows them 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......
Republicans would like to address the problems as soon as next month, as part of legislation needed to fund the government. But to do that, they’ll need assistance from Democrats, and it’s unclear they are in any mood to help. They were shut out of the process of writing the Tax Cuts and Jobs Act, and may be looking for payback after Republicans steadfastly refused to allow them to fix hitches in the Affordable Care Act.....
One snafu, which could potentially affect President Donald Trump’s real estate business, prevents people making various types of improvements to non-residential real estate from immediately deducting their entire cost, as lawmakers intended. An apparent typo means they have to instead take those breaks piecemeal over the next 39 years.
There are all kinds of problems. And they will need the Dems to help them fix it.One inadvertently denies restaurants, retailers and others generous new write-offs for things like remodeling.
Another would allow wealthy money managers to sidestep a crackdown on lucrative tax break that allows them 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......
Republicans would like to address the problems as soon as next month, as part of legislation needed to fund the government. But to do that, they’ll need assistance from Democrats, and it’s unclear they are in any mood to help. They were shut out of the process of writing the Tax Cuts and Jobs Act, and may be looking for payback after Republicans steadfastly refused to allow them to fix hitches in the Affordable Care Act.....
One snafu, which could potentially affect President Donald Trump’s real estate business, prevents people making various types of improvements to non-residential real estate from immediately deducting their entire cost, as lawmakers intended. An apparent typo means they have to instead take those breaks piecemeal over the next 39 years.