Tax Bill Offers Last-Minute Breaks for Developers, Banks and Oil Industry
Even hours after the Senate vote , tax experts were scratching their heads over precisely what had made it into the final version of the bill and the impact of some significant provisions.
Still, it was clear that many changes expanded tax benefits for the wealthiest taxpayers, while other attempts to close loopholes fell by the wayside. The bill would add $1 trillion to deficits over the coming decade.
Far from simplifying taxes, the bill opened up a whole range of tactics to lower the amount owed to the Internal Revenue Service. “Business owners or managers that plan well and pay for good advice will be able to achieve much more favorable rates,” said Adam Looney, a senior fellow at the Brookings Institution and a former Treasury Department official. “I’m not sure if that is a loophole or the intent of the legislation.”
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IMO, it's the intent. Corporations will be the winner, the taxpayer will be the loser. I'm sure not counting on a $4,000 tax savings...