THE INTERNAL REVENUE CODE JUMPS THE SHARK WITH THE TAX CUTS AND JOBS ACT OF 2017
Meaning of “jump the shark” – “It’s reached its peak, it’ll never be the same again, and from now on it’s all downhill.” [Source] Or if you prefer another popular culture reference, the Code has entered the Twilight Zone.
Case in point, new Code Section 199A which provides a 20% deduction for qualified business income earned through pass-thru entities. This one new Code Section:
a. is over 22 pages long (using the pages from the bill report and print;
b. employs approximately 20 defined terms;
c. includes 26 cross-references within Section 199A. . .