I was reading one of my favorite “popular” (non-technical) magazines the other day. In particular, the 27 November 2017 issue of Business Week.
I’m sure you’ve heard that the Senate version of the (creatively named) Tax Cuts and Jobs Act is now going to attack PPACA (Patient Protection and Affordable Care Act), affectionately (sic) known as Obamacare. But, if you don’t truly understand the intracacies of the bill, it will be difficult to discern how NOT collecting the tax penalty on those who don’t enroll in a health care plan can be used to reduce the deficit incurred by the behemoth of a bill. (Sorry for all those negatives- but that’s the true concept.)
So, what does the Senate version of this bill (HR-1) do? By and large, the Senate bill matches HR-1. But, there are some significant differences. It’s not clear which house will prevail in their interpretation of the various changes (or that the Senate version passes at all). But, again, tax planning is critical- we need to know what may happen. We need to discern what changes this Senate version- if it passes- will have in conference, when the House and Senate work out the differences in their versions.
Remember how embarrassed a few people were when the Panama Papers (pilfered from the law firm of Mossack Fonseca) were released? When all those supersecret (and illegal) 214,488 offshore accounts were divulged? Which is the reason someone car-bombed Daphne Caruana Galizia and murdered her.