Campaign Action
Republicans have all but passed their tax bill. Now comes chaos.
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.
Twelve days for companies to figure out the details of a bill that the House is having to vote on a second time because the people who wrote it didn’t take the time to fully understand what they could and couldn’t do. And implementation is in the hands of Donald Trump’s Treasury Department and Donald Trump’s IRS—sure, there are career professionals in those agencies, but every time they try to do anything they’ll be stumbling over a Trump appointee.
Oh, and the bill that everyone will be scrambling to figure out before it’s rushed into effect? It’s not even final.
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 sure. Passing this, now and in this way, was in the best interest of the nation rather than congressional Republicans who needed a “win” to keep their wealthy donors on board.
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