Repubs May Be At Dems Mercy To Fix Mistakes In Rushed Tax Bill

For example, a lack of clarity could allow hedge funds and private equity firms to sidestep a provision that would prevent them from counting earnings from their investments as capital gains instead of income--commonly known as the "carried interest" loophole, as capital gains are taxed at a lower rate than income--unless they held the investments for at least three years. The law exempts corporations from this rule but doesn't specify what kind of corporations, leading hedge fund managers to rush to Delaware to create LLCs to duck the new restriction.

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In other words, Republicans recklessly passed a bill with all kinds of drafting mistakes, and now they want Democrats to agree to help them solve the problems. Democrats, on the other hand, were shut out of the entire process of the tax law and may not feel inclined to lend their votes to make it work better. Some have suggested that if Republicans want the fixes so badly, they should open up the entire law to changes.