Corker asks how real-estate provision ended up in tax bill
Sen. Bob CorkerRobert (Bob) Phillips CorkerFormer Dem Tenn. gov to launch Senate bid: reportMcConnell ‘almost certain’ GOP will pass tax reformFormer New Mexico gov: Trump’s foreign policy is getting ‘criticized by everybody’MORE (R-Tenn.) sent a letter on Sunday to Sen. Orrin HatchOrrin Grant HatchMcConnell names Senate GOP tax confereesRyan pledges ‘entitlement reform’ in 2018Utah governor calls Bannon a ‘bigot’ after attacks on RomneyMORE (R-Utah) asking how a provision that would potentially benefit real estate moguls, including Corker, made it into the final version of the Republican tax-reform bill.
“Because this issue has raised concerns, I would ask that you provide an explanation of the evolution of this provision and how it made it into the final conference report,” Corker wrote.
The International Business Times reported Saturday that a provision added during the reconciliation process allows owners of income-producing real estate to take advantage of a 20-percent deduction for “pass-through” entities. The Senate version of the tax bill included rules that allowed the deduction to be claimed only by businesses that pay their employees significant wages.
The provision would potentially benefit Corker and President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for ‘serious case of amnesia’ after testimonySkier Lindsey Vonn: I don’t want to represent Trump at OlympicsPoll: 4 in 10 Republicans think senior Trump advisers had improper dealings with RussiaMORE, among other real estate moguls.
Corker said Sunday he did not have a role in writing the legislation, and asked Hatch, the chairman of the Senate Finance Committee, to explain how the provision made it into the final bill. He suggested it was in the House’s version of the tax bill, and remained in the final version after a conference committee sought to reconcile the House and Senate tax bills.
Corker announced late last week he would support the final Republican tax-reform legislation, saying he believes the country is better off with it than without it.
He voted against the Senate version of the tax bill, citing concerns that it would add to the national debt.
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