Tax experts on both sides of the aisle are utterly baffled by the finer points of the Republican tax overhaul, which could potentially go into effect as soon as Jan. 1. "It's crazy," one GOP lobbyist explained to Politico. " I don't think anyone could explain it, let alone comply with it [by the start of 2018]."
Because of the haste with which Republicans are pushing the legislation through, analysts say the overhaul leaves open gaping loopholes and confusingly vague passages that no one really understands. A proposal to tax private university endowments, for example, doesn't define what an endowment actually is and some schools have thousands. Another example involves a loophole that could potentially allow a person making $500,000 to save $30,000 by reclassifying their income.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
5 fundamentally funny cartoons about the US ConstitutionCartoons Artists take on Sharpie edits, wear and tear, and more
-
In search of paradise in Thailand's western islesThe Week Recommends 'Unspoiled spots' remain, providing a fascinating insight into the past
-
The fertility crisis: can Trump make America breed again?Talking Point The self-styled 'fertilisation president', has been soliciting ideas on how to get Americans to have more babies
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
