Last-minute tax break for real estate investors "air dropped" on Capitol Hill
"Trump, Real Estate Investors Get Last-Minute Perk in Tax Bill," by Bloomberg's Lynnley Browning and Benjamin Bain report: "Lawmakers scrambling to lock up Republican support for the tax reform bill added a complicated provision late in the process — one that would provide a multimillion-dollar windfall to real estate investors such as President Donald Trump."
"The change, which would allow real estate businesses to take advantage of a new tax break that's planned for partnerships, limited liability companies and other so-called 'pass-through' businesses, combined elements of House and Senate legislation in a new way."
- "Republican Senator Bob Corker of Tennessee ... wrote [yesterday] to Senate Finance Committee Chairman Orrin Hatch seeking an explanation for how the provision came to be included in the final bill after being asked about it by a reporter."
- Corker: "The suggestion was that it was airdropped into the conference without prior consideration by either the House or the Senate."
N.Y. Times Quote of the Day: Jeff Lajqi, manager of a Jewish deli in Livingston, N.J., where residents worry about the economic shock from Republican plan to limit how much property tax they can deduct on federal returns: "If they're raising the taxes, you know what's going to happen: Everyone's going to raise prices. Raise my taxes, I raise your challah."