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dc.contributor.authorShay, Stephen E.
dc.date.accessioned2017-11-22T21:09:16Z
dc.date.issued2017
dc.identifier.citationStephen E. Shay, Tax Reform – Process Failures, Loopholes and Wealth Windfalls (Nov. 21, 2017).en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:34377640
dc.description.abstractThis paper argues that the rushed legislative consideration of tax reform proposals without adequate time to review and analyze bill text has left open unintended loopholes. The paper identifies a loophole that would benefit multinationals in the proposals’ “repatriation holiday” provisions that if not fixed could result in large revenue losses. This loophole is illustrative of the pervasive failure in the proposals to incorporate guardrails around substantial rate reductions that would effectively police the many new boundaries between rate differences that the bill creates. Loopholes like that described in this paper are a sideshow compared to the proposals’ wealth windfall to the already wealthy from business tax rate reductions, but, incredibly, they would enhance it. Short-term political exigencies are not an excuse to adopt legislation that affords tax avoidance opportunities that will yield unintended revenue losses and undermine taxpayer faith in the tax system and their national government. Congress should slow down, hold hearings, collect comments and consider them, rather than plunging ahead with misguided legislation.en_US
dc.language.isoen_USen_US
dc.relation.hasversionhttps://ssrn.com/abstract=3076151en_US
dash.licenseLAA
dc.titleTax Reform – Process Failures, Loopholes and Wealth Windfallsen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAuthor's Originalen_US
dash.depositing.authorShay, Stephen E.
dc.date.available2017-11-22T21:09:16Z
dash.contributor.affiliatedShay, Stephen


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