The Games They Will Play: An Update on the Conference Committee Tax Bill

Citation data:

SSRN Electronic Journal

Publication Year:
2017
Usage 126821
Abstract Views 90601
Downloads 36220
Captures 49
Readers 48
Exports-Saves 1
Mentions 43
Blog Mentions 21
News Mentions 21
Economics Blog Mentions 1
Social Media 3639
Tweets 2576
Shares, Likes & Comments 1063
Ratings
SSRN
SSRN Id:
3089423
DOI:
10.2139/ssrn.3089423
Author(s):
David Kamin; David Gamage; Ari D. Glogower; Rebecca M. Kysar; Darien Shanske; Reuven S. Avi-Yonah; Lily L. Batchelder; J. Clifton Fleming; Daniel Jacob Hemel; Mitchell Kane; David S. Miller; Daniel Shaviro; Manoj Viswanathan Show More Hide
Publisher(s):
Elsevier BV
Tags:
Tax; Legislation; Tax Planning; Reform; Loopholes; Tax Cuts and Jobs Act (TCJA)
Most Recent Tweet View All Tweets
Most Recent Blog Mention
Most Recent Economics Blog Mention
Most Recent News Mention
article description
The 2017 tax legislation brought sweeping changes to the rules for taxing individuals and business, the deductibility of state and local taxes, and the international tax regime. The complex legislation was drafted and passed through a rushed and secretive process intended to limit public comment on one of the most consequential pieces of domestic policy enacted in recent history. This Article is an effort to supply the analysis and deliberation that should have accompanied the bill’s consideration and passage and describes key problem areas in the new legislation. Many of the new changes fundamentally undermine the integrity of the tax code and allow well-advised taxpayers to game the new rules through strategic planning. These gaming opportunities are likely to worsen the bill’s distributional and budgetary costs beyond those expected in the official estimates. Other changes will encounter legal roadblocks, while drafting glitches could lead to uncertainty and haphazard increases or decreases in taxes. This Article also describes reform options for policymakers who will inevitably be tasked with enacting further changes to the tax law in order to undo the legislation’s harmful effects on the fiscal system.