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Of all the follies of 2017, the most tawdry may be the GOP's headlong rush to pass a tax bill that even its proponents don't understand.The tax bill is a Rubik's Cube of potential problems, but the difficulties begin with the fact that it has been pushed through Congress in two months without hearings or careful analysis.The centerpiece of the legislation is a big cut in corporate taxes, down from 35 percent to roughly 20 percent.Congress' bookkeeper, the Joint Committee on Taxation, predicts that over 10 years, the tax law would balloon the deficit by roughly $1 trillion, even assuming that it stimulates new growth.An analysis by 13 law professors last week warned that the legislation will produce "tax games, roadblocks and glitches" as companies, individuals and state and local governments try to manipulate the new system.The tax bill implicitly punishes high-tax "blue states" by limiting the deductibility of state and local taxes.
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