The House is scheduled to vote today; the Senate tomorrow.
Amongst all the other provisions transferring wealth from the poor and middle class to the wealthy and corporations, is a last minute giveaway to the richest, not only to their wealthy donors but an early Christmas gift to President “I’m very greedy” Trump and themselves too.
“According to an analysis of federal records by the International Business Times (IBT), a “special provision” buried in the 500-page Republican tax bill—which has come to be known as the #CorkerKickback—could amount to a combined $14 million annual income boost for “more than a quarter of all GOP senators.” (CommonDreams)
As IBT reports:
In all, 14 Republican senators (see list below) hold financial interests in 26 income-generating real-estate partnerships—worth as much as $105 million in total. Those holdings together produced between $2.4 million and $14.1 million in rent and interest income in 2016, according to federal records.
IBT first reported on the tax carve-out, which allows investors in “pass-through” entities, including real-estate partnerships such as LLCs and LPs, with few employees to deduct part of their income that passes through those partnerships.
Here’s who gains… Orrin Hatch, who wrote the provision, not surprisingly, one of it’s beneficiaries.
$14 million dollars! Now that’s a nice stocking stuffer!
Hey…let’s leave them a lump of coal instead, since they seem to like it so much!
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