Burgers, Snow and Pork

摘要

Congress' just-passed 650 page corporate tax bill, known as the "American Jobs Creation Act," has been rightly skewered for its pork, with handouts to cruise lines, shipbuilders, railroads, Nascar track owners and tobacco growers, among others. But the bigger problem is that the measure will be a compliance nightmare for the Internal Revenue Service and smaller businesses. It gives a new deduction for U.S. manufacturing profits, but only tax lawyers and accountants will appreciate figuring out what qualifies as manufacturing and which profits are from it.