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Businesses rewire to game the tax code

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A view of the New York Stock Exchange. Photo: Michael Nagle / Bloomberg via Getty Images

"Businesses seeking to lower their 2018 bills are splitting in two, changing their legal status and reclassifying workers," the Wall Street Journal's Ruth Simon and Richard Rubin report: "Long before most clarifying regulations have been issued, the new law has led to a burst of activity in tax circles as lawyers, accountants and businesses look for ways around some of the proposals meant to pinch them — and for ways to extend the reach of new tax breaks."

Why it matters: "The legislation contains more uncertainties than usual for a tax overhaul because of the speed of its drafting, which left little opportunity for the public and congressional scrutiny that often identifies confusion in bills."

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