An obscure tax provision from the 1960s that was left untouched by President Donald Trump’s overhaul could let wealthy individual investors seize for themselves the largest corporate tax cut in U.S. history.
Highly paid professionals including accountants, investment managers, doctors and lawyers are eyeing a loophole in what’s supposed to be a mom-and-pop benefit of the new tax law as a way to supersize their savings.
President-elect railed against his main political opponent for allowing a tax break that lets some investment managers pay lower tax rates than average workers. After he takes office, he may have no one to blame but himself.
For 2017, carryover from 2016 not only includes the usual reporting and compliance issues related to the tax year just ending, but also those tax changes and issues begun in 2016 that are by no means finished at year’s end.