FEATURED:

Bush-era tax official: GOP tax bill will have many ‘unintended consequences’

Bush-era tax official: GOP tax bill will have many ‘unintended consequences’
© Getty Images

A former George W. Bush Treasury Department official warned there will be "unintended consequences" from the Republican tax bill due to the speed at which it has been pushed through Congress.

“We will be dealing with unintended consequences for months to come because the bill is moving too fast," Greg Jenner told Politico in an article published on Wednesday. 

“The more you read, the more you go, ‘Holy crap, what’s this?'” he continued. 

ADVERTISEMENT

Jenner's comments come after Senate Republicans fulfilled a major campaign promise on Friday to overhaul the U.S. tax code. The House passed their measure in November.

Critics, like Jenner, say Republicans are not allowing taxpayers enough time to adjust to the major changes in the tax policy. 

The legislation will reduce the corporate income tax from 35 percent to 20 percent and would lower tax rates for individuals through 2025.

Senate and House Republicans are now tasked with reconciling their two bills.

While there is much common ground between the House and Senate versions, the two chambers will need to compromise on issues such as housing and real estate.

President Trump has signaled he wants to sign a final bill before Christmas.