By - ZsClarc
The tax bill’s loopholes for the wealthy benefit Trump and Corker
( CNN) When Senator Bob Corker, R-Tennessee, a longtime “deficit hawk, ” or so-called fiscal conservative, voted against the Senate version of the Republican tax programme, it seemed as if principle might prevail — at least among Republicans not facing re-election.
Corker announced on Friday that he would vote for the Senate-House Conference version of the tax cut bonanza, even though it has the same irresponsible deficiency impact as the Senate version that he had opposed. Shortly after Corker’s announcement, the International Business Times violated a story that the Conference bill had added a provision that would benefit both Corker and Trump, personally. The particular provision in question lets real estate investors to get a special 20% tax rate like other small and medium-sized companies — even without paying significant wages to anybody, unlike other industries. This clearly helps Trump himself, who holds many assets that he simply licenses out to others to run.
While Corker has publicly denied that the addition of this real estate benefit influenced his decision, its presence farther accentuates the cruelty of this bill — and the cruel familiarity of the process of producing it. The Republican programme privileges the wealthy — including the ones with large-scale real estate comprises like the President — while largely discountingthe forgotten running men and women who voted for Trump. Some low- and middle-income taxpayers may initially get a small benefit from the scheme, but all the individual cuts are set to expire by 2025 at the latest, and the largest gains will go to those at the top of the wealth scale.