I’ve believed for a long time that nothing good occurs after 1AM. LITERALLY NOTHING. Except maybe if you’re winning at the tables in Vegas, but there’s no such thing as time there, so I guess that doesn’t count.
In college and grad school, I often tempted the idea that something good could happen after 1am and was proved incorrect time and again.
And now we have additional proof I was correct all along…
When the R Tax Plan was passed at around 2am in DC late last week, that seemed like confirmation it was something bad. But now we are finding out even more, and this is making me laugh.
In their self-imposed rush to pass the bill, the Rs (or more likely the lobbyists) were scribbling new sections in to the bill by writing hurriedly in the margins. And obviously somebody forgot to go back and check their work:
The WSJ is reporting the corporate tax attorneys have already found an unintended error which could cause corporate taxes for many companies to significantly increase.
Yep, you read that correctly, it could cause the corporate tax bill to IGO UP. And corporate overlords ARE. NOT. PLEASED.
You should read the WSJ article for the details, but in essence, while scribbling the bill at the last minute, they lowered the rate to 20% but kept the Alternative Minimum Tax at 20% without stating the exemption for research and development costs, which is a huge tax write-off for many corporations.
I’m not even going to apologize to say I literally laughed out loud when I read this.
Of course this is all easily fixed, but it will require another set of votes in the House and Senate, and that presents more time for people to realize what’s in the bill as well as another set of votes for vulnerable Representatives and reluctant Senators.
All the better for democracy, I say.