New tax legislation opens loopholes for strategic tax planning and budgetary risks.
The 2017 tax legislation made big changes to how individuals and businesses are taxed, as well as how state and local taxes are deducted. The new rules were rushed through without much public input, which could cause problems. Some of the changes in the law could let smart taxpayers find ways to pay less in taxes. There are also legal issues and mistakes in the law that could lead to confusion and unexpected tax changes. Policymakers will need to make more changes to fix the problems caused by the new tax law.