Last Minute Tax Break Could Enrich Trump And GOP Leaders
Source: MSN/IBT
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 have overseen vast real estate empires, and top GOP lawmakers writing the tax bill collectively have tens of millions of dollars of ownership steaks 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.”
Read more: https://www.msn.com/en-us/news/politics/last-minute-tax-break-could-enrich-trump-and-gop-leaders/ar-BBGNqTV?li=BBnb7Kz
Heck, why not repeal Social Security and Medicare while they are it under the theory that voters will forget in a few months?
= new reply since forum marked as read
if there would be some last minute addition to the already heavily lopsided "tax reform" bill that would benefit the Trump Crime Family, and lo and behold......here it is. 
But remember, according to Trump he's going to get killed on his taxes because of this "bill". 
Of course the taxpayers will never know, because the Trump tax returns are under permanent audit, and the IRS forbids disclosing tax returns that are under audit. According to Trump, anyway. Curiously the IRS has never heard of this "rule", but Trump knows more about the IRS than any other living human being, so you can take that as a solid rule, never to be challenged. 
This entire wholly Republican bill stinks to high heaven. There will be a day of reckoning for these Republican thieves, and I hope I'm still alive to see it.
