At a time when some of our lowest paid workers are on the front lines of the coronavirus pandemic, with the U.S. being hit particularly hard, a huge and historic bailout bill was hammered out by Republicans and Democrats in Congress. Time was of the essence. But, somehow, in the fog of a pandemic war, GOP Senators remembered to keep on giving to members of “the 1%.” The bill included a tax break for real estate investors, Trump and Kushner included, that would create lost federal revenues of as much as $170 billion over the next ten years.
As the “failed” New York Times reported on March 26th.
“Senate Republicans inserted an easy-to-overlook provision on page 203 of the 880-page bill that would permit wealthy investors to use losses generated by real estate to minimize their taxes on profits from things like investments in the stock market. The estimated cost of the change over 10 years is $170 billion.”
All of which, of course, is “perfectly legal,” but it’s also a continuation of the GOP’s preference for those that already have versus those who truly need government help; in short, legal but very wrong. Looks like the New York Times has failed the fealty test to Trump once again.