Sen. John Cornyn defends tax provision that could benefit Trump, GOP lawmakers

CNBC ^ | 12/17/17 | Lauren Hirsch

[DoodleDawg]

John Cornyn, the senate majority whip, was pushed by news-makers on Sunday to explain a last minute addition to the final tax bill which could benefit those with real estate income.

Senator Bob Corker supported the bill at the last minute, after the language was added.

John Cornyn, the second-ranking Republican in the Senate, was pushed by news-makers on Sunday to explain a last minute addition to the final tax bill that could benefit those with real estate income.

The provision calls for a tax deduction on income made from "pass through" entities, like real estate LLCs, including those with few or no employees. It could thus benefit Senator Bob Corker and President Donald Trump, who both have real estate income.

[DoodleDawg]

Well now we know what Corker's vote cost.

[Lurkinanloomin]

And Rubio got Treasury checks for illegal aliens for his.

[chris37]

The selflessness of the GOP knows no bounds.

Whatever would we all do without our beloved political parasites?

[gibsonguy]

“News makers” trying to find a wedge to beat on the “precious moderates” with for a last minute shot to stop the bill and they got it. This is all we going to hear about for the next few days. “The real estate millionaires tax cut” here it comes.

[Dawgreg]

Cornyn is a (not mine) Senator from Texas but I would vote for the devil himself before I’d ever vote for that motard! I have voted for the Demonrat over Cruzzzzzzz and might have to consider that again with Cornyn but I’ll prolly leave a blank space for that position and go on to the other issues. How I despise the Republican Party but I despise the leftist Demonrats more.

[brianr10]

https://taxfoundation.org/overview-pass-through-businesses-united-states

An overview of what a pass-through entity is. Over half the workforce works at a pass-through entity.

[chris37]

To be honest, both parties are purely evil.

They are all liars, deceivers, con artists, pillagers... just the worst of the worst.

I’m not sure why we tolerate these creatures among us. They really have to go.

[Dawgreg]

To be honest, both parties are purely evil.

They are all liars, deceivers, con artists, pillagers... just the worst of the worst.

I’m not sure why we tolerate these creatures among us. They really have to go.

chris, the only thing we can do is put up serious challengers to these sorry arsed politicians (after Ryan and Turtle are gone) that will go to WDC and do the job we sent them there to do. We can start with GOOD leadership to make that happen. The House and the Senate might be surprised to know that the people like us are many and wouldn’t have a problem in getting rid of the the 2 I mentioned and replacing them..........and I don’t mean with those whose “turn” it is if you get my drift.

[Intolerant in NJ]

... could benefit those with real estate income - hey, that could benefit me too - and I'm not even a member of congress.....

[chris37]

The problem is that a centralized power structure draws the wrong sort of people to it like an electro magnet.

If you are corrupt and you want to have power over others, this is where you go.

We have made a machine that draws the worst among us to rule us. The machine has to be destroyed, because the ratio of good people drawn to it versus bad people is about 1,000,000 to 1.

People generally cannot be entrusted with power over other people, because people are a flawed creation that errs toward the dark side.

[Ancesthntr]

“Over half the workforce works at a pass-through entity.”

---

And many people, including many FReepers own part or whole of a pass-through entity (or several). Yes, of course real estate can be held in a pass-through entity, but so can all kinds of other businesses. Lowering taxes on pass-through entities makes that business income more on a par with corporate income insofar as taxation is concerned. Part of the problem with this bill when it did not have the pass through provisions was that corporate income was taxed at far lower rates than the literal millions of pass-through business entities that operate in this country. That is simply not fair, as the form of a business should not really affect how income is taxed. By lowering the taxation on pass-through entities, now their owners will be able to afford to hire more people. I thought that was one of the goals of this tax plan, and it simply mystifies me as to why some supposedly free market people on Free Republic opposed this provision.

[b4me]

can Trump line item veto?

[familyop]

"The provision calls for a tax deduction on income made from "pass through" entities,..."

Only commies and ignorant people want "'pass through' entities" (most small, family-owned businesses) to pay higher taxes.

[familyop]

I suspect a possible lie in the MSN piece.

MSN’s author-ette didn’t reveal the specific deduction for pass-through companies that she’s referring to. Could it be the 20% deduction that was already revealed and not a “last-minute addition?”

In either case, the extra votes are welcome. It’s good to see the bill pass!

[Intolerant in NJ]

The only pass though I’m aware of is that for small businesses - some small businesses may have real estate holdings, but that would be incidental to the more general business status - the author-ette is probably trying to dirty-up the tax plan making it sound again like it’s been written to favor those greedy rich people, in this case wealthy real estate owners......

[familyop]

Thanks, Intolerant in NJ!

Here’s what’s in the final version of the Republican tax bill
Public Radio International
Reuters
December 17, 2017 · 9:15 AM EST
https://www.pri.org/stories/2017-12-17/heres-whats-final-version-republican-tax-bill

[familyop]

There’s been another hoax: claims that business will no longer claim expenses. No true, the last that I saw. Small businesses will continue to do profit & loss schedules. The hoax was derived from a change regarding *employee* deductions—not businesses.

[MSF BU]

No. In a perfect world he would have the ability to impound funds but he does not yet.

[trebb]

And if any of them were true Middle Cl;ass citizens, we would be hearing how they put stuff in that benefits the Middle Class.....

[enumerated]

“The real estate millionaires tax cut” here it comes.”

Right. The Left hates any and all tax cuts because private wealth is contrary to their socialist model in which the state confiscates all wealth and redistributes it in return for power and control.

They can’t honestly state their true objection to tax cuts, so instead they make a fallacious argument that the tax cut is unfair because the wealthy receive a bigger share of the tax cut.

Of course the wealthy would benifit more from a tax cut; they pay far more in the first place! But this fallacy works due to a sad fact of human nature; people are easily blinded by jealousy when they have other people’s wealth rubbed in their faces 24/7.

And that’s exactly what the leftist media does: confront poor and lower middle class people with how the wealthy live, rewrite history to “explain” how at some point one of their ancestors must have been robbed by the ancestors of the wealthy, sew discontent and encourage demands for reparations.

All of this brainwashing is to distract from the common sense reality that lower taxation and regulation would be a good thing for everyone (except the governing class) and to turn the classes against each other to sabotage tax cuts and government spending cuts.

This tax cut is a good thing simply because it is a tax cut - any tax cut is good - people on FR should know better than to let the Left confuse the debate by pulling this “unfair” BS.

Support these tax cuts regardless of who benifits more, and then if you still think you are overtaxed (which you are) then start pushing for another round of tax cuts. Rinse and repeat.