Policymakers should pursue true tax reform that avoids the regressiveness of this law and accords more favorable treatment to working people with low or modest incomes.Instead of pursuing minor fixes or technical corrections to the law, policymakers should set a new course and pursue true tax reform that avoids the regressivity of this law and accords more favorable treatment to working people with low or modest incomes raises revenue to meet national needs and improves economic efficiency and strengthens the integrity of the tax code. It confers enormous tax benefits on some industries but not others, makes it easier for wealthy households to shelter income from taxes, and favors business production and investment overseas rather than at home. But it is already clear that the law has fundamental flaws. More analyses will surely be forthcoming as more tax experts scrutinize the law and how it is being applied. This paper reflects analyses of the new law that were undertaken either during the final stages of the congressional debate or shortly after the legislation was signed into law. tax system, as wealthy taxpayers and corporations exploit newly created loopholes that tax experts have already identified and uncover other loopholes that the hasty drafting unwittingly created. Moreover, the complex, hastily drafted legislation will likely trigger a surge in tax gaming that could pose a risk to the integrity of the U.S. By shrinking revenues, it will leave the nation less prepared to address the retirement of the baby boom generation and other national needs that will require more revenue. The major tax legislation enacted last December will cost approximately $1.5 trillion over the next decade and deliver windfall gains to wealthy households and profitable corporations, further widening the gap between those at the top of the income ladder and the rest of the nation.
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