GOP Tax Bill Will Likely Explode Deficit Beyond Estimates

Jonathan Chait: “Why would the tax cuts lose even more revenue than forecast? Because the design is a sieve. Thirteen top tax lawyers studied the House and Senate versions of the tax cuts, and produced a 35-page analysis laying out the various loopholes and games the bill would open up. It is shot through with opportunities for individuals and businesses to make paper changes that would create opportunities for huge savings. Listing all the dodges they found would be as boring as — well, a list of financial maneuvers written by a bunch of tax lawyers. The upshot is that it’s a big list.”