Paul Ryan (AP/J. Scott Applewhite)

Republicans just announced their tax bill is busted — and their suggested fix is bizarre

Republicans know that their current tax bill is full of flaws


Matthew Rozsa
December 19, 2017 5:05PM (UTC)

The Republican tax reform bill is full of flaws — but instead of fixing them before passing the legislation, the GOP is instead hoping to pass it now and fix them later.

"I can’t imagine any major undertaking like this that doesn’t require technical corrections in the future," Rep. Kevin Brady, R-Texas, told reporters on Friday. Because the tax reform bill has been rushed through Congress in order to get it passed before the end of the year, it is expected to have a number of glitches and loopholes that could cause headaches for ordinary Americans as they attempt to process the new law.

Advertisement:

Brady would almost certainly be aware of this, given that he is Chairman of the Ways and Means Committee.

"In the end, after 11 years in the Senate, I know every bill we consider is imperfect and the question becomes is our country better off with or without this piece of legislation. I think we are better off with it. I realize this is a bet on our country’s enterprising spirit, and that is a bet I am willing to make," Sen. Bob Corker, R-Tenn., said, after announcing that he would support the legislation he initially opposed.

Corker is under considerable criticism right now because he changed his position on the tax bill after a provision was added that would enrich him. The provision would allow real estate LLCs, like the one in which Corker owns a partnership, to receive a 20 percent deduction on income they earned. Corker has claimed that he did not know about the deduction when he decided to change his vote.

Republicans have been aware of the numerous glitches since as early as the beginning of the month, according to Politico. For one thing, they have been aware of the fact that cutting taxes on "pass-through" businesses could make it easier for the wealthy to find ways to lump their income under so-called businesses with those titles in order to avoid paying taxes on it. There were also concerns at that time that a proposal to tax the investment earnings of private university endowments would be difficult to implement because it didn't specify what counted as an endowment.


Matthew Rozsa

Matthew Rozsa is a breaking news writer for Salon. He holds an MA in History from Rutgers University-Newark and is ABD in his PhD program in History at Lehigh University. His work has appeared in Mic, Quartz and MSNBC.

MORE FROM Matthew Rozsa

Related Topics ------------------------------------------

Donald Trump Kevin Brady Republican Tax Reform Bill Tax Reform Bill




BROWSE SALON.COM
COMPLETELY AD FREE,
FOR THE NEXT HOUR

Read Now, Pay Later - no upfront
registration for 1-Hour Access

Click Here
7-Day Access and Monthly
Subscriptions also available
No tracking or personal data collection
beyond name and email address

•••


Fearless journalism
in your inbox every day

Sign up for our free newsletter

• • •