NYT: Republican Tax Bill Overhauls Rules Many Were Counting On

In ways large and small, the tax bills moving through Congress could penalize individuals for choices they made based on longstanding law. Left unchanged, the bills could drastically alter the financial situations of millions of Americans who cannot easily undo those decisions.

...the tax bills, particularly the House version of the legislation, would rescind or scale back some of those preferences, resulting in a tax increase for many students, older adults and others who itemize their taxes and make use of many of the deductions that have long been a staple of the tax code.

Somebody has to pay for Republican gifts to corporations and the wealthy. Somebody is you.

jbr's picture

Trump, GOP Leaders, possibly Enriched By Last Minute Tax Break

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.

Donald Trump And GOP Leaders Could Be Enriched By Last Minute Tax Break Inserted Into Final Bill

fischbobber's picture

Ummm.....

In regards to Corker, isn't that what's known as accepting a bribe? Isn't that illegal?

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