Marc Gerson Comments on TCJA Revisions in Bloomberg
"Trump, Pelosi Put 2017 Tax Law on Table in Next Virus Aid Round"
Marc Gerson, former tax counsel to the U.S. House of Representatives Committee on Ways and Means, commented on revisions and corrections to the Tax Cuts and Jobs Act of 2017 (TCJA) that were included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed last month. These changes include a roll back of tax increases included in the TCJA and a correction to an error that had increased taxes for restaurants and retailers renovating their stores. Gerson said the current need to get money to companies quickly is a completely different calculus from 2017, when Congress raised taxes in some areas to pay for the overall cuts.