GOP Tax Scam Leaves Restaurants "In A Pickle"

GOP Tax Law
Another day, another story about a glitch in the GOP tax scam. This time, the Wall Street Journal walks through how the tax law inadvertently prevented restaurants and other small businesses from taking a popular deduction, making it harder for them to make needed renovations. Why wasn’t the mistake caught before the bill was signed into law? Because Republicans jammed it through Congress with no hearings, no witnesses, and no time for anyone to fully understand what was in it. Key excerpts:
Four missing words in the new tax law mean fewer aging White Castle restaurants will get renovated this year.”

“But a tax-law goof put White Castle in a pickle, and the company is postponing some of those projects as the retail, restaurant and commercial-real-estate industries push Congress to correct an inadvertent omission.”

“The problem is the statute lacks the words ‘any qualified improvement property’ in the correct place, which would have made these improvements eligible for the first-year write-offs that apply to equipment purchases and other items.”

“‘This is freezing people in their tracks,’ said White Castle Vice President Jamie Richardson. He didn’t say which projects were stalled but said moving ahead before Congress fixes the law could have prevented the company from claiming nearly $8 million in immediate deductions. ‘It’s real, and we’re hoping something can get done as soon as possible.’”

Lawmakers have conceded that the provision as written runs counter to their aims. Indeed, the official nonpartisan description of the law assumes that renovations were eligible for immediate deductions and so do the revenue estimates.”