Wealthy real estate developers like Trump score a huge tax break in the stimulus bill
Source: CNN
Wealthy real estate developers like Trump score a huge tax break in the stimulus bill
By Paul R. La Monica, CNN Business
Updated 1:43 PM ET, Fri March 27, 2020
New York (CNN Business) — The $2 trillion coronavirus stimulus bill passed by the Senate provides aid for average consumers and small businesses -- but there's also a lucrative tax break for wealthy real estate developers.
That's because the stimulus bill removes limits on the amount of losses that wealthy investors can use to offset taxes, by writing down the gradual depreciation of assets like real estate. Those limits were put into place as part of President Trump's 2017 tax reform bill.
(snip)
But according to an analysis from law firm Akin Gump Strauss Hauer & Feld, taxpayers "with unused losses arising in 2018, 2019 or 2020 that paid tax in one or more of the five preceding tax years will be able to immediately file amended returns."
The law firm pointed out that is particularly beneficial for the real estate industry. And that fact is raising alarm bells given the ties that President Trump and his son-in-law Jared Kushner have to that particular business.
(snip)
Read more: https://www.cnn.com/2020/03/27/investing/tax-bill-real-estate/index.html
NOW we know why Thump was pushing for this bill...
= new reply since forum marked as read
FIRE (Finance, Insurance, and Real Estate) ARE the economy. 
Never mind that they've been responsible for 3 of the last 4 recessions.
