GOP/IRS/TAXES/TREASURY/TRUMP AS PRESIDENT: “The most sweeping tax code overhaul in a generation will soon head to President Donald Trump’s desk — and Republicans are enjoying a victory dance.
Now comes the real-world turmoil.
America’s new tax system will go into effect in just 12 days, and payroll companies are bracing for confusion as they figure out new withholding rules that will affect millions of American paychecks.
The Treasury Department and the IRS will have to quickly write new regulations to implement the new law, governing everything from the tax regime for businesses that don’t organize as corporations to the endowments of the nation’s elite universities and how multinational corporations are taxed on the profits they make abroad…
House Ways and Means Chairman Kevin Brady (R-Texas) has also acknowledged that lawmakers will almost certainly need to pass corrections to the tax bill, H.R. 1 (115), which took less than seven weeks from the first bill’s introduction to final passage. Brady said Monday that he started meeting with Treasury Secretary Steven Mnuchin last week to start figuring out how the administration can flesh out the tax bill wherever necessary.
But while Republicans will continue to plug this new tax code as a victory for the American worker, they shouldn’t expect any help from Democrats in helping to smooth those bumps or fix the inevitable mistakes that are being written into the code.”
-Bernie Becker, “Confusion and chaos ahead as new tax rules take immediate effect,” Politico, Dec. 20, 2017 05:05am