By Alexandra Wilts
President Donald Trump’s tax law (click here) that was passed by Republicans with breakneck speed last year is ridden with typos and glitches.
Mr Trump and administration officials continue to tout the benefits of the $1.5 trillion tax cut that he signed into law in December. But what’s missing in Mr Trump’s rhetoric is any mention of the snafus that could end up costing the federal US government big money, experts warn.
Legislation often contains a few errors, but not of this magnitude, experts have been quick to point out.
The glitches are not just typos. A lot of the discrepancies revolve around actual tax policy questions where there is disagreement between Democrats and Republicans, meaning the errors will be much harder to fix, according to John Wonderlich. Mr Wonderlich is the executive director of the Sunlight Foundation, a nonprofit which advocates for open government.
“The amount of errors and unintended consequences in the tax bill is far beyond normal,” he told The Independent. He said that eleventh-hour changes to the legislation and the non-transparent process used to pass it contributed to this result....
...For example, the bill enables wealthy money managers to avoid a crackdown on lucrative tax breaks, allowing them to pay lower taxes on some of their income than ordinary wage earners....
The glitches are not just typos. A lot of the discrepancies revolve around actual tax policy questions where there is disagreement between Democrats and Republicans, meaning the errors will be much harder to fix, according to John Wonderlich. Mr Wonderlich is the executive director of the Sunlight Foundation, a nonprofit which advocates for open government.
“The amount of errors and unintended consequences in the tax bill is far beyond normal,” he told The Independent. He said that eleventh-hour changes to the legislation and the non-transparent process used to pass it contributed to this result....
...For example, the bill enables wealthy money managers to avoid a crackdown on lucrative tax breaks, allowing them to pay lower taxes on some of their income than ordinary wage earners....
The Buffett Rule is part of a tax plan proposed by President Barack Obama in 2011. The tax plan would apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year. According to a White House official, the new tax rate would directly affect 0.3 percent of taxpayers.
Just one of the differences between those with a conscience and those obsessed with greed.
Someone needs to clarify with Republicans if they intend to FIX the new tax law.
Just one of the differences between those with a conscience and those obsessed with greed.
Someone needs to clarify with Republicans if they intend to FIX the new tax law.
