transporter
Well-Known Member
Dozens of lawmakers stand to reap a tax windfall thanks to a loophole inserted in the sweeping GOP tax overhaul bill, according to a review of federal financial disclosures.
The provision, which gives favorable tax treatment to a common form of real estate income, would also create generous tax saving for President Donald Trump, who derives much of his personal fortune from real estate.
The measure — added late Friday to the $1.5 trillion package of tax cuts — reduces the tax rate on "pass-through" income derived from real estate.
Trump will also enjoy a windfall from the new pass-through rules on his large holdings of real estate and other businesses held in a trust for his benefit. Though the overall impact on his tax liability is impossible to estimate independently without reviewing his tax returns, Trump's assets include hundreds of properties held in limited liability corporations that typically report pass-through income.
https://sc.cnbcfm.com/applications/cnbc.com/resources/files/2017/12/20/TRUMP HOLDINGS.PNG
Yeah...this is bill made for the average American middle class family...
https://www.cnbc.com/2017/12/20/doz...x-windfall-from-last-minute-gop-loophole.html