More good news on the dividend tax cut -- now we've abandoned provisions stating that only US-based companies could offer tax-free dividends:

"Treasury reformers also said that only U.S.-based companies would be able to pay tax-free dividends. That, the theory held, would create shareholder pressure to force the Tycos and Ingersoll-Rands of the world to move their headquarters back to the United States from Bermuda, where they'd gone in order to dodge taxes. Guess what: That provision is gone, too."

And here's the kicker: "Congressional tax staffers, who for obvious reasons prefer to remain anonymous, think they've already found a multibillion-dollar loophole created by the Senate legislation."

If it only took a few days for congressional staffers to find a loophole, what will happen when corporate tax lawyers have a couple months with it?