Paul Ryan And Top Republican Lawmakers Could Reap Personal Windfall From New Real Estate Tax Breaks

As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.

IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.

http://www.ibtimes.com/political-capital/paul-ryan-top-republican-lawmakers-could-reap-personal-windfall-new-real-estate