Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

CousinIT

(9,245 posts)
Sat Dec 16, 2017, 07:38 PM Dec 2017

Trump And GOP Leaders Will Be Enriched By Last Minute Tax Break They Inserted Into Final Bill

Republican congressional leaders and real estate moguls could be personally enriched by a real-estate-related provision GOP lawmakers slipped into the final tax bill released Friday evening, according to experts interviewed by International Business Times. The legislative language was not part of previous versions of the bill and was added despite ongoing conflict-of-interest questions about the intertwining real estate interests and governmental responsibilities of President Donald Trump — the bill’s chief proponent.

The Trump organization and the Kushners (the family of Ivanka's husband, Jared) have overseen vast real estate empires, and top GOP lawmakers writing the tax bill collectively have tens of millions of dollars of ownership stakes in real-estate-related LLCs. The new tax provision would specifically allow owners of large real estate holdings through LLCs to deduct a percentage of their “pass through” income from their taxes, according to experts. Although Trump, who became famous for his real estate holdings, has transitioned into branding in recent years, federal records show Trump has ownership stakes in myriad LLCs.

The new provision was not in the bill passed by the House or the Senate. Instead, it was inserted into the final bill during reconciliation negotiations between Republicans from both chambers. The provision, said experts, would offer a special tax cut to LLCs with few employees and large amounts of depreciable property assets, namely buildings: rent generating apartment and office buildings.

“This helps people who have held property for awhile, like Donald Trump,” David Kamin, an New York University law professor who served as a special assistant to the president for economic policy in the Obama administration, told IBT. “If you’ve got an LLC that’s a trade or business with a bunch of real estate holdings and few employees, think you’re now golden. You get the deduction.”

Similarly, Urban-Brookings Tax Policy Center senior fellow Steve Rosenthal told IBT the provision would specifically benefit real estate investors.


http://www.ibtimes.com/political-capital/donald-trump-gop-leaders-could-be-enriched-last-minute-tax-break-inserted-final
1 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Trump And GOP Leaders Will Be Enriched By Last Minute Tax Break They Inserted Into Final Bill (Original Post) CousinIT Dec 2017 OP
Corker changed his vote to a YES because of this special-deshel tax cut GOP gave him (and Trump) CousinIT Dec 2017 #1

CousinIT

(9,245 posts)
1. Corker changed his vote to a YES because of this special-deshel tax cut GOP gave him (and Trump)
Sat Dec 16, 2017, 07:40 PM
Dec 2017

Bob Corker suddenly changed his vote to “yes” on the tax bill, right after Republican lawmakers added a provision to the bill giving his real estate shell companies a special new tax cut

http://www.ibtimes.com/political-capital/donald-trump-gop-leaders-could-be-enriched-last-minute-tax-break-inserted-final

Latest Discussions»General Discussion»Trump And GOP Leaders Wil...