John Cassidy: “At this stage, the unfairness and ideological bent of the proposal are widely recognized, as is its corrupt nature. Giveaways to the wealthy and large corporations have been at the heart of the bill all along, while last-minute changes made to the final bill, unveiled on Friday, included goodies for a number of groups, including architects, engineers, and the owners of a particular sort of commercial real-estate entity—the kind that Donald Trump, Senator Bob Corker, and certain other members of Congress just so happen to own.”
“What isn’t yet fully appreciated is how porous and potentially unstable the rest of the tax code will be after the bill is passed. With a corporate rate of just twenty per cent, and a big new break for proprietors of unincorporated businesses and certain types of partnerships, the new code will contain enormous incentives for tax-driven restructurings, creative accounting, and outright fraud. Every tax adviser and scammer in the country will be looking for ways to reclassify regular salary income as favored types of business income.”
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