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At least for once, a bill was passed without a tax cut for the rich, right? Wrong.
While they attacked Democrats for funding Republican bogeymen they don't like, in particular the Kennedy Center for arts with $25 million, a pittance, they were putting in yet another massive tax cut for the rich.
In 2017, Congress actually pass a restriction on a practice trump and Kushner used, to use property depreciation to offset unlimited income and pay no taxes; the change limited such deductions to offsetting 'only' $500,000 of income.
The Republicans repealed that, making it unlimited again, in the must-pass stimulus bill. AND, they even made it retroactive, removing the limit for 2019, and 2018, as well! As the article says, it is stunning in its scope - and I'd add, in its immoral advance of plutocracy and corruption. Yet another huge reason to remove Republicans.
The stimulus bill includes a tax break for the 1% (opinion) - CNN
While they attacked Democrats for funding Republican bogeymen they don't like, in particular the Kennedy Center for arts with $25 million, a pittance, they were putting in yet another massive tax cut for the rich.
Thanks to a stunning new report from the New York Times, which has been relentless on the tax beat during the Trump administration, we've learned that a provision has been included in the 880-page coronavirus stimulus bill to help the very wealthy in a way that is breathtaking in its scope and detail.
In 2017, Congress actually pass a restriction on a practice trump and Kushner used, to use property depreciation to offset unlimited income and pay no taxes; the change limited such deductions to offsetting 'only' $500,000 of income.
The Republicans repealed that, making it unlimited again, in the must-pass stimulus bill. AND, they even made it retroactive, removing the limit for 2019, and 2018, as well! As the article says, it is stunning in its scope - and I'd add, in its immoral advance of plutocracy and corruption. Yet another huge reason to remove Republicans.
The stimulus bill includes a tax break for the 1% (opinion) - CNN