Lobbyists See a Billion-Dollar Boon in Tax Rewrite's Lack of Detail

[sandensea]

Source: New York Times

The sweeping tax rewrite unveiled by President Trump and Republican lawmakers this past week leaves many of the details to Congress; but two sentences in the nine-page framework have Washington lobbyists salivating over a payday that some industry experts predict could top $1 billion.

That language has prompted concerns among a wide range of businesses and industries about the prospect of losing valuable tax breaks — from preferential tax treatment for insurers to credits for renewable energy to a prized tax treatment used by the commercial real estate industry.

And those fears are being stoked by lobbyists, who are urging clients and prospective clients to get out in front of any changes that could eliminate or weaken sections of the tax code that benefit them.

“You’re either going to be at the table, or you’re going to be on the table,” said Thomas M. Reynolds, a former Republican congressman from New York who served on the tax-writing Ways and Means Committee and is now a lobbyist at Holland & Knight focusing on tax issues.

Most businesses that could be affected by the tax overhaul “will not have to be encouraged to engage,”Reynolds said.

Read more: http://www.msn.com/en-us/news/politics/lobbyists-see-a-billion-dollar-boon-in-tax-rewrite%E2%80%99s-lack-of-detail/ar-AAsEweM?OCID=ansmsnnews11

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The swamp will be busy tonight.

[Yavin4]

1. It's feeding time in the swamp.

The lobbyists are loving it. It's like dropping a bushel of rabbits into the swamp.

[lastlib]

2. Where is the voice of We, the People??

Surely no one expects AnusMouth to act in that capacity!

[Dustlawyer]

3. This is the ROOT of the PROBLEM!

Big business will spend a lot more money buying their politicians anew, reinforcing the ties that bind and destroying this country bit by bit. In a country where it is illegal for politicians to give a Quid Pro Quo in exchange for donations and favors there will be a lot of illegal behavior and no one looking for the crime.

The people will be screwed with more taxes because we cannot match the money and the deficit will continue to grow. The deficit is not growing due to spending per se, but due to the warping of the system by all of the money. There will be no common sense, fair tax rates designed to bring in revenue just like there is no fair distribution in spending. Congress already gives the Pentagon more than it asks for, why is that? It is because the MIC paid them to do it!

They want to cut "entitlements," such a dirty word, right? We do not have the money for a more efficient, cheaper, and universal coverage of Single Payer, because of Lobbyists and the industries that would take a cut. We do not have High Speed Rail or get gun control of any sort after Sandy Hook, despite over 90% of Americans wanting it to happen.

Representative Democracy, the heart of our system, stopped beating a long time ago.

[PoliticAverse]

4. Even if it doesn't pass legislation like this still is great for getting campaign contributions. n/t

[Trust Buster]

5. This is why the corporates tax rate should not be lowered.

Many American corporations pay zero federal taxes due to tax break carve outs. If the corporate rate is lowered and lobbyist get to work, then pretty much every major American corporation will avoid paying federal taxes. These lobbyist are not going to find another line of work.