One thing Democrats and Republicans in Congress apparently can agree on is the use of accounting gimmicks to avoid tough spending and revenue decisions. In 2010 we included two pieces, “Did You Catch That?”16 and “Did You Catch That, Again?”17 which addressed newly enacted legislation’s periodic increases of the amount of estimated taxes that certain large corporations must pay over the course of the year, effectively providing the government with a short-term loan. The Republican-controlled House Ways and Means Committee on October 5, 2011, favorably reported out three pending free trade agreements which were funded in part by estimated tax pay-fors. The three free trade agreements, the United States- Colombia Trade Promotion Agreement Implementation Act (H.R. 3078), the United States-Panama Trade Promotion Agreement Implementation Act (H.R. 3079), and the United States-Korea Free Trade Agreement Implementation, each increase the estimated tax payments of corporations with assets greater than $1 billion, with equal decreases in the following quarters. The free trade agreements include the following increases: (i) the U.S.-Colombia agreement provides the amount of installment payments of corporate estimated tax which is due in July, August or September of 2016 shall be increased by 0.50 percent; (ii) the U.S.-Panama agreement provides the amount of installment payments of corporate estimated tax which is due in July, August or September of 2012 shall be increased by 0.25 percent and amounts due in July, August or September of 2016 shall be increased by 0.25 percent; and (iii) the U.S.-Korea agreement provides the amount of installment payments of corporate estimated tax which is due in July, August or September of 2012 shall be increased by 0.25 percent and amounts due in July, August or September of 2016 shall be increased by 2.75 percent. In total, the three free trade agreements provide for an increase of 0.50 percent for payments in 2012 and an increase of 3.5 percent of payments in 2016. All of the free trade agreements provide a reversal of the increase in the following quarter. The bills all passed Congress and were sent to President Obama on October 13, 2011.