GOP/TAXES: “Republicans are on the cusp this week of passing a historic overhaul of the U.S. tax system but might also be ushering in a new period of instability in the tax code, because the plan is advancing without bipartisan support and with expiration dates that guarantee it will be revisited for years.
A $1.5 trillion reduction in the overall tax burden over a decade accompanies the most sweeping rewrite of U.S. business and income taxes since the Reagan era, achieving goals long sought by many conservative economists and politicians. But to get the bill through a closely divided Congress, Republicans made many of its pieces time-limited.
Individual tax cuts and a new 20% deduction for millions of businesses are scheduled to vanish after 2025. A corporate-tax-rate cut and international tax rules are permanent to encourage long-run planning, but other business provisions arrive, then disappear.”
-Richard Rubin, “GOP Tax Bill Would Set Up Years of Challenges,” The Wall Street Journal online, Dec. 17, 2017 07:42pm