12-23-2017, 03:05 PM
Who do you think profited from this last minute change. For starters, Bob Corker, who changed his vote after that was added and now plays innocent. But the Trumps are far bigger winners..
Quote:More than 90% of businesses in the US are “pass-through businesses”, meaning their income passes through to the owners’ individual tax returns, where it is taxed at ordinary income tax rates, instead of being filed on a separate business return like a corporation. The sweeping tax bill cuts the top rate on “qualified” pass-through business income from 39.6% under current law to 29.6%. Assuming the full benefit of this, the CAP roughly estimates a tax cut of $11m to $15m for Trump (based on an estimate of $150m of passthrough income from reviewing his financial disclosure, and the $109m in real estate/pass-through income on his 2005 tax return); $5m to $12m for Jared Kushner, White House senior adviser and Trump’s son-in-law; and $2.7m for Betsy DeVos, the education secretary. The bill that passed the Senate had a “guardrail” that prevented businesses with too few employees from claiming the full benefit of the deduction, the CAP noted. But at the last minute, a special exception was added that is especially beneficial to real estate firms. In addition, the biggest element of the tax bill benefitting the wealthy is the corporate tax cut. Again, members of Trump’s cabinet have substantial corporate stock holdings and will be among the winners. The CAP did not try to estimate this because it is hard to quantify the tax cut for any one corporation.Trump will personally save up to $15m under tax bill, analysis finds | US news | The Guardian