|Sen. Bob Corker|
Short version: GOP Sen. Bob Corker, who is retiring, was a “no” vote on the current tax reform legislation.
He’s a multi-millionaire thanks to real estate investments.
Last minute language inserted into tax bill gives a big tax break to real estate investors.
Corker is now a “yes” vote.
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.
Sen. Bob Corker, who was considered a potential “no” vote on the bill, abruptly switched his position upon the release of the final legislation. Federal records reviewed by IBT show that Corker has millions of dollars of ownership stakes in real-estate related LLCs that could also benefit.
Corker won’t have anyone to answer to once he’s out of office next year except his bank account.
This entire tax reform bill has been cobbled together with NO public hearings in a matter of weeks. Republicans released the legislation at 4:30pm on a Friday with plans to vote on the bill next week.
Sen. Bob Corker just announced his support for the tax bill. Reminder: Corker's real-estate empire makes him up to $7 million a year of "pass through" income — the kind that could get a huge tax cut, depending on the final bill that will be unveiled today https://t.co/T5psoa0st4— David Sirota (@davidsirota) December 15, 2017
You know the Republicans are really proud of their tax bill because they are releasing it at 4:30PM on a Friday— Judd Legum (@JuddLegum) December 15, 2017
Do you think the public should see @realDonaldTrump’s taxes before Congress votes Tuesday for a #GOPTaxScam that will probably be a windfall for him?— Rep. Eric Swalwell (@RepSwalwell) December 16, 2017
So the real estate shell loopholes that might have won Corker’s support for this abominable tax bill simultaneously enriches Trump himself and his corrupt family? Why am I not surprised? https://t.co/lNQaBi8DbS— Laurence Tribe (@tribelaw) December 16, 2017