As businesses rush to exploit GOP tax cuts, government revenue may shrink more than expected
By DON LEE DEC 10, 2017 | 7:00 AM | WASHINGTON Senate Majority Leader Mitch McConnell (R-Ky.) listens to reporters’ questions about the GOP tax bill passed by the Senate. (Mark Wilson / Getty Images) As soon as the last major tax overhaul was enacted in the fall of 1986, accountant Edward Mendlowitz remembers working around the clock to convert corporations into partnerships and other so-called pass-through businesses to take advantage of the new tax code. Now with congressional Republicans drawing closer to passing a package of $1.5 trillion in net tax cuts, mostly for corporations, Mendlowitz reckons he may soon be doing the reverse. The corporate tax rate is expected to fall from 35%…