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Article snippet: “Slow down” is the last thing that supporters of the Republicans’ proposed tax overhaul want to hear. “My donors are basically saying get it done or don’t ever call me again,” Chris Collins, a representative from New York, said last week. But the rush to “get it done” — particularly on the business side, where the most sweeping changes are planned — is alarming tax specialists who warn that new and unforeseen complexity, loopholes and glitches could come back to haunt tax collectors and taxpayers. “All of this is happening in an incredible rush, and frankly it’s absurd and incredibly poor governing to push a bill of this significance in the time frame they’re doing,” said Stephen E. Shay, a senior lecturer at Harvard Law School who worked in the Treasury Department during the Reagan and Obama administrations. With accountants, lawyers and lobbyists still poring over the varying versions of the bills released by the House of Representatives and the Senate, some of the loopholes and tax dodges spotted so far — whether unintended or not — include these: ■ A tax designed to prevent giant multinationals from shifting profits offshore also creates new opportunities for small and medium-size firms to use tax havens to slice their tax rate in half. ■ A provision aimed at helping small business could turn into a windfall for wealthy investors who use it to lower their tax rate on rental and interest income. ■ An incentive to invest in slipshod, money-losing ventures woul... Link to the full article to read more