Penelope
Diamond Member
- Jul 15, 2014
- 60,265
- 15,791
- 2,210
Republican Senators Will Save Millions With Special Real-Estate Tax Break
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. In response to IBT’s reporting, Republican Sen. Bob Corker, who owns up to $35 million in “pass-through” real-estate interests, claimed he did not know of the carve-out when he announced his support for the legislation on Friday, after previously casting the only Republican vote against the bill in the Senate, which did not then include the provision.
Republican Senators Will Save Millions With Special Real-Estate Tax Break
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Corker said he didn't know, what a liar. I am sure some Dems own a lot of real estate as well, but you don't see them voting for this bill. This bill is the opposite of Robin Hood.
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. In response to IBT’s reporting, Republican Sen. Bob Corker, who owns up to $35 million in “pass-through” real-estate interests, claimed he did not know of the carve-out when he announced his support for the legislation on Friday, after previously casting the only Republican vote against the bill in the Senate, which did not then include the provision.
Republican Senators Will Save Millions With Special Real-Estate Tax Break
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Corker said he didn't know, what a liar. I am sure some Dems own a lot of real estate as well, but you don't see them voting for this bill. This bill is the opposite of Robin Hood.