(THREAD) Epic screw-up in the tax bill the Senate just passed. They lowered the corporate rate to 20%, but accidentally put in an alternative minimum tax (AMT) of 20%. That's right. The same rate. (Maybe rushing it through wasn't the best idea). Here are some implications:
-
Show this thread
-
Turns out Republicans passed something like actual corporate tax reform. It effectively wiped out a bunch of deductions (since claiming them doesn't result in savings) and lowered rates. Companies will compete based on who has the best business, not who has the best lobbyists 2/x
3 replies 61 retweets 177 likesShow this thread -
Replying to @NGrossman81
Could one argue in court that the AMT should be struck from the law because it is an obvious mistake? That Congress clearly intended the deductions to be available?
1 reply 0 retweets 0 likes
I doubt that would be successful. Congress has to set the rates. A court can’t guess what number Congress meant to use instead of the one they wrote in the bill (not least because the Senators who passed it haven’t figured it out yet).
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.