The sweeping tax rewrite unveiled by President Trump and Republican lawmakers this past week leaves many of the details to Congress, but two sentences in the nine-page framework have Washington lobbyists salivating over a payday that some industry experts predict could top $1 billion.
Tucked away on Page 8, the sentences refer vaguely to plans to repeal or roll back “numerous” exclusions and deductions, and to “modernize” tax rules affecting specific industries “to ensure that the tax code better reflects economic reality and that such rules provide little opportunity for tax avoidance.”
That language has prompted concerns among a wide range of businesses and industries about the prospect of losing valuable tax breaks — from preferential tax treatment for insurers to credits for renewable energy to a prized tax treatment used by the commercial real estate industry.