‘Badly Flawed’ Tax Law Blamed for Rules Democrats Call Giveaways

The U.S. Department of Treasury has come under fire from Senate Democrats for giving away too much to companies in its regulations implementing the 2017 tax law’s international changes. The retort: blame your colleagues.

More than two years after the law passed, Treasury officials say they still have about 100 pieces of guidance to complete on how to interpret parts of it. Some are needed to resolve gaps, poor writing and conflicts in the legislation.

Remaining items include guidance on changes to carried interest, a big issue for the compensation of private equity and hedge-fund managers, and final regulations carving ...