A former Treasury official says that in their haste to write and pass a major tax overhaul, Republican are creating bountiful opportunities for tax avoidance in the future.
Greg Jenner, who served as Deputy Assistant Secretary for Tax Policy in the George W. Bush administration, told Politico: “The more you read, the more you go, ‘Holy crap, what’s this?' We will be dealing with unintended consequences for months to come because the bill is moving too fast.”
House Ways and Means Chairman Kevin Brady says he’s aware of some of the problems and will be using the reconciliation process to “fine-tune” the final legislation.
But there isn’t much time, with Republicans aiming to have the bill on President Trump’s desk before Christmas. “You can never catch all the implications,” Jenner said, and the “problem is magnified exponentially when you’re rushing through like this.”
A Republican lobbyist agreed, telling Politico, “It’s crazy. I don’t think anyone could explain it, let alone comply with it” by the time the new tax bill takes effect on January 1.