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Joe Nocera: Senate mistake on tax bill was brilliant

Joe Nocera, Bloomberg View on

Published in News & Features

The only deduction I might allow is one to compensate companies for overseas taxes they would still have to pay. Then again, given that people in high-tax states (like me!) are about to be punished thanks to the elimination of deductions for state and local tax payments, my sympathy for corporations on this front is pretty limited.

Of course, I know how this is all going to play out. So do you. During the negotiations to align the House and Senate versions of the tax bill, Congress will correct the Senate's mistake and eliminate the corporate alternative minimum tax. Tech companies and multinationals will applaud. Lobbyists will remain gainfully employed, as they keep a close eye on their favorite loopholes. And I admit, on the face of it, it is kind of crazy to have a situation where the corporate tax rate and the alternative minimum tax is the same.

But a guy can dream, can't he?

About The Writer

Joe Nocera is a Bloomberg View columnist. He has written business columns for Esquire, GQ and The New York Times, and is the former editorial director of Fortune. He is the co-author of "Indentured: The Inside Story of the Rebellion Against the NCAA." Readers may email him at jnocera3@bloomberg.net.

 

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