Trump & His Family Benefit BIGLY From Coronavirus Bill

When the over $2 trillion Coronavirus bill was agreed to, Democrats celebrated the fact that they had been able to include a provision that would prevent Donald Trump, anyone working for the Trump administration, anyone in Congress (and their employees), and the families of those people from being able to qualify for the loans in the $500 billion dollar program for corporations.

It was thought that this would prevent Trump and his family from benefitting for a bill aimed at helping hurting Americans and small businesses. Unfortunately, that was not true.

While Trump and his family cannot tap into the $500 billion dollar slush find for corporations, the Republicans included another provision in the bill that would give real estate moguls, like Trump and Kushner, a huge tax break.

Here is how the president of Public Citizen describes the benefit:

Good grief. 

Turn with me now to page 203 of the 880-page economic stimulus package — which the U.S. House of Representatives is expected to take up today — where we find a devious little surprise inserted by Senate Republicans. 

Under the proposed stimulus plan, the 0.1% would be able to sidestep taxes on stocks and other investments by claiming only-on-paper losses on real estate, even if they’re raking in profits. 

Can you think of any wealthy, well-connected real-estate investors? 

Like, I don’t know, Jared Kushner? 

Or Donald Trump? 

Congress itself says this would be the second-biggest tax break in the entire stimulus package. 

It’s estimated that this loophole (more like loop-chasm) would cost $170 billion in lost tax revenue over the next decade. 

And exactly how much does letting real-estate tycoons — including Donald Trump and Jared Kushner — avoid paying their fair share, or any share, of taxes help the everyday Americans and small businesses that are holding on for dear life in the face of this coronavirus pandemic? 

Not one damn bit. 

Stay safe. 

- Robert Weissman, President of Public Citizen