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Sen. Bob Corker Flips From “No” To “Yes” On Tax Bill Thanks To Real Estate Investment Clause

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.

From The International Business Times:

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.