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Read the rules in the OP before posting, please.In order to ensure that this thread continues to meet TL standards and follows the proper guidelines, we will be enforcing the rules in the OP more strictly. Be sure to give them a re-read to refresh your memory! The vast majority of you are contributing in a healthy way, keep it up! NOTE: When providing a source, explain why you feel it is relevant and what purpose it adds to the discussion if it's not obvious. Also take note that unsubstantiated tweets/posts meant only to rekindle old arguments can result in a mod action. |
On December 15 2017 10:28 Gorsameth wrote:Show nested quote +On December 15 2017 10:15 GreenHorizons wrote:On December 15 2017 03:21 Leporello wrote:
Giving billionaire children their full Royal-status and removing internet from public-domain. The last legacies of the shameless crap-pile known as the GOP. If you're going to sell-out America to Russia and a rapist, racist traitor, you might as well go out blazing. Big-ups to the Never Hillary Socialists, too. Just a couple things. I know everyone wants to blame Republicans for losing net neutrality, but who is it that put that shit bag former lawyer for Verizon on the FCC in the first place? http://thehill.com/policy/technology/190857-obama-nominates-ajit-pai-to-fccIf you don't already hate him enough... In collusion, I mean conclusion... sorry, Freudian slip, my bad. Many people are still shell-shocked that I'm up here tonight [as chairman]. They ask themselves, "How on Earth did this happen?" Well, moments before tonight's dinner, somebody leaked a 14-year-old video that helps answer that question, and in all candor I can no longer hide from the truth.
The video then rolled. Here's a transcript:
Verizon executive: "As you know, the FCC is captured by industry. But we think it's not captured enough. We want to brainwash and groom a Verizon puppet to install as FCC chairman. Think Manchurian Candidate."
Ajit Pai: "That sounds awesome."
Verizon executive: "I know, right? There are only two problems. First, this is going to take 14 years to incubate. We need to find someone smart, young, ambitious, but dorky enough to throw the scent off."
Ajit Pai: "Hello."
Verizon executive: "So you will do it?"
Ajit Pai: "Absolutely. But you said there was another issue?"
Verizon executive: We need to find a Republican who can win the presidency in 2016 to appoint you FCC chairman. I think our best bet is an outsider, but I have no idea who that would be. If only somebody can give us a sign. SourceOh and you shouldn't be blaming the left that rejected Hillary for a several reasons, but one would be what would she have done differently regarding this? A 5 second wikipedia check tells me that there are no more then 3 members of the same party allowed on the FCC and the members serve for 5 years (one new member every year). That means that if 3 Democrats are on the board and a Republicans term is up Obama would have had to appoint a Republican. (sure you can argue he could have made a better choice, but he could not have appointed a Democrat). Trump got to replace Wheeler (a Democrat) so he could turn the committee from 3D 2R to 3R 2D. What would Hillary have done? Appoint a 3e D instead of an R.
Maybe, but she had to be convinced to support net neutrality in the first place and barely mentioned it (once or twice) since the election.
She herself is hardly an advocate of net neutrality, but I can concede she'd have replaced wheeler with a Democrat which may or may not support net neutrality.
But we also have to remember Ajit had to be given another term and guess who helped him?
The four Democratic senators who helped Pai gain re-confirmation were Joseph Manchin (D-W.V.); Claire McCaskill (D-Mo.); Gary Peters (D-Mich.); and Jon Tester (D-Mont.).
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And? He was guaranteed confirmation anyways and for vulnerable democrats it’s an easy vote for “bipartisanship”. I’m fine with Democrats voting in their best interests for continued office if their vote doesn’t matter.
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On December 15 2017 10:55 KOFgokuon wrote:
And? He was guaranteed confirmation anyways and for vulnerable democrats it’s an easy vote for “bipartisanship”. I’m fine with Democrats voting in their best interests for continued office if their vote doesn’t matter.
If they can't defend not re-confirming the guy who wants to break the internet they should probably retire anyway.
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So how long do they get to keep doing this? At what point does profit off of making Americans distrust the justice system based on no evidence.
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On December 15 2017 11:00 GreenHorizons wrote:Show nested quote +On December 15 2017 10:55 KOFgokuon wrote:
And? He was guaranteed confirmation anyways and for vulnerable democrats it’s an easy vote for “bipartisanship”. I’m fine with Democrats voting in their best interests for continued office if their vote doesn’t matter. If they can't defend not re-confirming the guy who wants to break the internet they should probably retire anyway.
If it wasn’t him, it would be a different corporate shill that they would vote on instead. Purity tests for irrelevant votes are not good policy.
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I don't think the FBI can sue for slander/libel; or at any rate i'm not sure it ever does.
so I think they get to keep doing it for as long as they get an audience (aka as long as they can generate revenue)
not many care that they're corroding democracy (or more properly, that they're unable to tell that's what their doing)
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I mean what their talking about is pretty dumb, but the FBI is trash and there's plenty of evidence of that.
On December 15 2017 11:24 KOFgokuon wrote:Show nested quote +On December 15 2017 11:00 GreenHorizons wrote:On December 15 2017 10:55 KOFgokuon wrote:
And? He was guaranteed confirmation anyways and for vulnerable democrats it’s an easy vote for “bipartisanship”. I’m fine with Democrats voting in their best interests for continued office if their vote doesn’t matter. If they can't defend not re-confirming the guy who wants to break the internet they should probably retire anyway. If it wasn’t him, it would be a different corporate shill that they would vote on instead. Purity tests for irrelevant votes are not good policy.
Maybe, but it would be something easy to be obstinate about as I could imagine republicans being. Had she won I wouldn't be surprised if they refused to confirm anyone that was openly against repealing net neutrality or Hillary acquiescing.
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Of all the things Obama would fight with the republican congress about, an FCC chair isn't it. He wasnt going to find a net neutrality friendly Republican to appoint.
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On December 15 2017 09:47 {CC}StealthBlue wrote:In any other country with few exceptions, the government would have fallen by now, or the buildings would be ablaze by now. Show nested quote +As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.
IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.
The original House and Senate bills both aimed to reduce levies on income generated by partnerships that pass their income through to their investors. Both bills, though, included some limits on the tax breaks for pass-through income -- and the final legislation now being worked out in Washington could still eliminate, reduce or cap those tax cuts. Congressional negotiators are reportedly close to agreeing to a 20 percent deduction for pass-through income, with Republicans arguing the deductions would help small businesses.
If the GOP ends up applying a 20 percent deduction to all such passive real-estate income, those 13 legislators who have overseen the tax bill could be permitted to deduct a total of between $520,000 and $3.2 million from their taxable income each year, based on their 2016 filings.
"Congress is not just rigging the system for the idle rich in return for campaign contributions, but is made up in no small part of the type of rich people who want the system rigged,” Jeff Hauser, director of the Revolving Door Project, told IBT. “Too many things which sound like legally problematic conflicts of interest are often legal. The data illustrate why this rushed process is so corrupt. Before passing this bill, there should be time for constituents to force their representatives to justify why their conflicts of interest do not invalidate the broader tax cut bill." Show nested quote +
For example, Tennessee Republican Rep. Diane Black serves on the conference committee as well as on the House Ways and Means Committee that oversaw the original House version of the tax bill. Black and her husband, the CEO of forensic science company Aegis Sciences Corp., co-own Ebon Falcon LLC, a real estate company that owns 12 properties including the Aegis building and several nearby properties, according to Rep. Black’s 2016 financial disclosure.
The properties, mostly in Nashville, appear to be commercial, and together they represent between $21.7 and $108 million in value and between $1.7 and $10.5 million in annual rental income. Black, who is Congress’ 11th-richest member, has a current net worth of $46 million, according to Roll Call.
Recently, IBT reported that Black’s former chief of staff has been lobbying the House on real estate issues this year on behalf of the National Association of Real Estate Investment Trusts.
Florida Republican Rep. Vern Buchanan is also on the Ways and Means Committee. Earlier this year, he sponsored standalone legislation to reduce the tax on pass-through entities, saying “it’s clearly time that Washington stopped punishing small businesses and started helping them.” Buchanan’s most recent financial disclosure forms show that he owns between $7 million and $32 million of investments in real-estate related partnerships. In 2016, he earned up to $2 million in annual income from those investments.
Family connections are also at play. For instance, Rep. Tom Reed (R-NY) — who sits on the House Ways and Means Committee that wrote the lower chamber’s version of the tax bill — is married to a partner at a real estate LLC, R&R Properties, LLC, from which he and his wife receive income of between $15,000 and $50,000 per year. Reed’s wife is also a partner at R&R Resource Recovery, LLC, the Reeds’ debt collection family business, which specializes in recovering medical debt. The business provides the Reeds with between $15,000 and $50,000 a year in income.
Source
Careful, it sounds like you almost wish that were the case!
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On December 15 2017 11:36 Plansix wrote:
Of all the things Obama would fight with the republican congress about, an FCC chair isn't it. He wasnt going to find a net neutrality friendly Republican to appoint.
We're talking about when some Democrats re-confirmed him for Trump.
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On December 15 2017 11:28 zlefin wrote:I don't think the FBI can sue for slander/libel; or at any rate i'm not sure it ever does. so I think they get to keep doing it for as long as they get an audience (aka as long as they can generate revenue) not many care that they're corroding democracy (or more properly, that they're unable to tell that's what their doing)
The justice department(and FBI by extension) are not even allowed to respond in the media. Congress is supposed to defend them and has in the past. There was a time when straight up lying about federal law enforcement on national broadcasts was a career ending thing.
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On December 15 2017 11:39 Danglars wrote:Show nested quote +On December 15 2017 09:47 {CC}StealthBlue wrote:In any other country with few exceptions, the government would have fallen by now, or the buildings would be ablaze by now. As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.
IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.
The original House and Senate bills both aimed to reduce levies on income generated by partnerships that pass their income through to their investors. Both bills, though, included some limits on the tax breaks for pass-through income -- and the final legislation now being worked out in Washington could still eliminate, reduce or cap those tax cuts. Congressional negotiators are reportedly close to agreeing to a 20 percent deduction for pass-through income, with Republicans arguing the deductions would help small businesses.
If the GOP ends up applying a 20 percent deduction to all such passive real-estate income, those 13 legislators who have overseen the tax bill could be permitted to deduct a total of between $520,000 and $3.2 million from their taxable income each year, based on their 2016 filings.
"Congress is not just rigging the system for the idle rich in return for campaign contributions, but is made up in no small part of the type of rich people who want the system rigged,” Jeff Hauser, director of the Revolving Door Project, told IBT. “Too many things which sound like legally problematic conflicts of interest are often legal. The data illustrate why this rushed process is so corrupt. Before passing this bill, there should be time for constituents to force their representatives to justify why their conflicts of interest do not invalidate the broader tax cut bill."
For example, Tennessee Republican Rep. Diane Black serves on the conference committee as well as on the House Ways and Means Committee that oversaw the original House version of the tax bill. Black and her husband, the CEO of forensic science company Aegis Sciences Corp., co-own Ebon Falcon LLC, a real estate company that owns 12 properties including the Aegis building and several nearby properties, according to Rep. Black’s 2016 financial disclosure.
The properties, mostly in Nashville, appear to be commercial, and together they represent between $21.7 and $108 million in value and between $1.7 and $10.5 million in annual rental income. Black, who is Congress’ 11th-richest member, has a current net worth of $46 million, according to Roll Call.
Recently, IBT reported that Black’s former chief of staff has been lobbying the House on real estate issues this year on behalf of the National Association of Real Estate Investment Trusts.
Florida Republican Rep. Vern Buchanan is also on the Ways and Means Committee. Earlier this year, he sponsored standalone legislation to reduce the tax on pass-through entities, saying “it’s clearly time that Washington stopped punishing small businesses and started helping them.” Buchanan’s most recent financial disclosure forms show that he owns between $7 million and $32 million of investments in real-estate related partnerships. In 2016, he earned up to $2 million in annual income from those investments.
Family connections are also at play. For instance, Rep. Tom Reed (R-NY) — who sits on the House Ways and Means Committee that wrote the lower chamber’s version of the tax bill — is married to a partner at a real estate LLC, R&R Properties, LLC, from which he and his wife receive income of between $15,000 and $50,000 per year. Reed’s wife is also a partner at R&R Resource Recovery, LLC, the Reeds’ debt collection family business, which specializes in recovering medical debt. The business provides the Reeds with between $15,000 and $50,000 a year in income.
Source Careful, it sounds like you almost wish that were the case!
"I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical." - Thomas Jefferson
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On December 15 2017 11:39 GreenHorizons wrote:Show nested quote +On December 15 2017 11:36 Plansix wrote:
Of all the things Obama would fight with the republican congress about, an FCC chair isn't it. He wasnt going to find a net neutrality friendly Republican to appoint. We're talking about when some Democrats re-confirmed him for Trump.
I don't know how they justify not approving him. He was appointed before by their own party. Protesters votes are nice, but the democrats had bigger fish to fry if I remember correctly.
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this bsj/sumail passive aggressive banter is great
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also, only ee would build a bkb vs 4 heroes who have ults that pierce bkb
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On December 15 2017 11:41 {CC}StealthBlue wrote:Show nested quote +On December 15 2017 11:39 Danglars wrote:On December 15 2017 09:47 {CC}StealthBlue wrote:In any other country with few exceptions, the government would have fallen by now, or the buildings would be ablaze by now. As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.
IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.
The original House and Senate bills both aimed to reduce levies on income generated by partnerships that pass their income through to their investors. Both bills, though, included some limits on the tax breaks for pass-through income -- and the final legislation now being worked out in Washington could still eliminate, reduce or cap those tax cuts. Congressional negotiators are reportedly close to agreeing to a 20 percent deduction for pass-through income, with Republicans arguing the deductions would help small businesses.
If the GOP ends up applying a 20 percent deduction to all such passive real-estate income, those 13 legislators who have overseen the tax bill could be permitted to deduct a total of between $520,000 and $3.2 million from their taxable income each year, based on their 2016 filings.
"Congress is not just rigging the system for the idle rich in return for campaign contributions, but is made up in no small part of the type of rich people who want the system rigged,” Jeff Hauser, director of the Revolving Door Project, told IBT. “Too many things which sound like legally problematic conflicts of interest are often legal. The data illustrate why this rushed process is so corrupt. Before passing this bill, there should be time for constituents to force their representatives to justify why their conflicts of interest do not invalidate the broader tax cut bill."
For example, Tennessee Republican Rep. Diane Black serves on the conference committee as well as on the House Ways and Means Committee that oversaw the original House version of the tax bill. Black and her husband, the CEO of forensic science company Aegis Sciences Corp., co-own Ebon Falcon LLC, a real estate company that owns 12 properties including the Aegis building and several nearby properties, according to Rep. Black’s 2016 financial disclosure.
The properties, mostly in Nashville, appear to be commercial, and together they represent between $21.7 and $108 million in value and between $1.7 and $10.5 million in annual rental income. Black, who is Congress’ 11th-richest member, has a current net worth of $46 million, according to Roll Call.
Recently, IBT reported that Black’s former chief of staff has been lobbying the House on real estate issues this year on behalf of the National Association of Real Estate Investment Trusts.
Florida Republican Rep. Vern Buchanan is also on the Ways and Means Committee. Earlier this year, he sponsored standalone legislation to reduce the tax on pass-through entities, saying “it’s clearly time that Washington stopped punishing small businesses and started helping them.” Buchanan’s most recent financial disclosure forms show that he owns between $7 million and $32 million of investments in real-estate related partnerships. In 2016, he earned up to $2 million in annual income from those investments.
Family connections are also at play. For instance, Rep. Tom Reed (R-NY) — who sits on the House Ways and Means Committee that wrote the lower chamber’s version of the tax bill — is married to a partner at a real estate LLC, R&R Properties, LLC, from which he and his wife receive income of between $15,000 and $50,000 per year. Reed’s wife is also a partner at R&R Resource Recovery, LLC, the Reeds’ debt collection family business, which specializes in recovering medical debt. The business provides the Reeds with between $15,000 and $50,000 a year in income.
Source Careful, it sounds like you almost wish that were the case! "I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical." - Thomas Jefferson
I'll have to remember your overthrow fantasies for next time. A rather conventional tax bill doesn't make me want to light it all on fire.
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On December 15 2017 11:48 Danglars wrote:Show nested quote +On December 15 2017 11:41 {CC}StealthBlue wrote:On December 15 2017 11:39 Danglars wrote:On December 15 2017 09:47 {CC}StealthBlue wrote:In any other country with few exceptions, the government would have fallen by now, or the buildings would be ablaze by now. As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.
IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.
The original House and Senate bills both aimed to reduce levies on income generated by partnerships that pass their income through to their investors. Both bills, though, included some limits on the tax breaks for pass-through income -- and the final legislation now being worked out in Washington could still eliminate, reduce or cap those tax cuts. Congressional negotiators are reportedly close to agreeing to a 20 percent deduction for pass-through income, with Republicans arguing the deductions would help small businesses.
If the GOP ends up applying a 20 percent deduction to all such passive real-estate income, those 13 legislators who have overseen the tax bill could be permitted to deduct a total of between $520,000 and $3.2 million from their taxable income each year, based on their 2016 filings.
"Congress is not just rigging the system for the idle rich in return for campaign contributions, but is made up in no small part of the type of rich people who want the system rigged,” Jeff Hauser, director of the Revolving Door Project, told IBT. “Too many things which sound like legally problematic conflicts of interest are often legal. The data illustrate why this rushed process is so corrupt. Before passing this bill, there should be time for constituents to force their representatives to justify why their conflicts of interest do not invalidate the broader tax cut bill."
For example, Tennessee Republican Rep. Diane Black serves on the conference committee as well as on the House Ways and Means Committee that oversaw the original House version of the tax bill. Black and her husband, the CEO of forensic science company Aegis Sciences Corp., co-own Ebon Falcon LLC, a real estate company that owns 12 properties including the Aegis building and several nearby properties, according to Rep. Black’s 2016 financial disclosure.
The properties, mostly in Nashville, appear to be commercial, and together they represent between $21.7 and $108 million in value and between $1.7 and $10.5 million in annual rental income. Black, who is Congress’ 11th-richest member, has a current net worth of $46 million, according to Roll Call.
Recently, IBT reported that Black’s former chief of staff has been lobbying the House on real estate issues this year on behalf of the National Association of Real Estate Investment Trusts.
Florida Republican Rep. Vern Buchanan is also on the Ways and Means Committee. Earlier this year, he sponsored standalone legislation to reduce the tax on pass-through entities, saying “it’s clearly time that Washington stopped punishing small businesses and started helping them.” Buchanan’s most recent financial disclosure forms show that he owns between $7 million and $32 million of investments in real-estate related partnerships. In 2016, he earned up to $2 million in annual income from those investments.
Family connections are also at play. For instance, Rep. Tom Reed (R-NY) — who sits on the House Ways and Means Committee that wrote the lower chamber’s version of the tax bill — is married to a partner at a real estate LLC, R&R Properties, LLC, from which he and his wife receive income of between $15,000 and $50,000 per year. Reed’s wife is also a partner at R&R Resource Recovery, LLC, the Reeds’ debt collection family business, which specializes in recovering medical debt. The business provides the Reeds with between $15,000 and $50,000 a year in income.
Source Careful, it sounds like you almost wish that were the case! "I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical." - Thomas Jefferson I'll have to remember your overthrow fantasies for next time. A rather conventional tax bill doesn't make me want to light it all on fire.
what about a thoroughly unconventional tax bill that violates some basic standards?
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On December 15 2017 11:48 Danglars wrote:Show nested quote +On December 15 2017 11:41 {CC}StealthBlue wrote:On December 15 2017 11:39 Danglars wrote:On December 15 2017 09:47 {CC}StealthBlue wrote:In any other country with few exceptions, the government would have fallen by now, or the buildings would be ablaze by now. As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.
IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.
The original House and Senate bills both aimed to reduce levies on income generated by partnerships that pass their income through to their investors. Both bills, though, included some limits on the tax breaks for pass-through income -- and the final legislation now being worked out in Washington could still eliminate, reduce or cap those tax cuts. Congressional negotiators are reportedly close to agreeing to a 20 percent deduction for pass-through income, with Republicans arguing the deductions would help small businesses.
If the GOP ends up applying a 20 percent deduction to all such passive real-estate income, those 13 legislators who have overseen the tax bill could be permitted to deduct a total of between $520,000 and $3.2 million from their taxable income each year, based on their 2016 filings.
"Congress is not just rigging the system for the idle rich in return for campaign contributions, but is made up in no small part of the type of rich people who want the system rigged,” Jeff Hauser, director of the Revolving Door Project, told IBT. “Too many things which sound like legally problematic conflicts of interest are often legal. The data illustrate why this rushed process is so corrupt. Before passing this bill, there should be time for constituents to force their representatives to justify why their conflicts of interest do not invalidate the broader tax cut bill."
For example, Tennessee Republican Rep. Diane Black serves on the conference committee as well as on the House Ways and Means Committee that oversaw the original House version of the tax bill. Black and her husband, the CEO of forensic science company Aegis Sciences Corp., co-own Ebon Falcon LLC, a real estate company that owns 12 properties including the Aegis building and several nearby properties, according to Rep. Black’s 2016 financial disclosure.
The properties, mostly in Nashville, appear to be commercial, and together they represent between $21.7 and $108 million in value and between $1.7 and $10.5 million in annual rental income. Black, who is Congress’ 11th-richest member, has a current net worth of $46 million, according to Roll Call.
Recently, IBT reported that Black’s former chief of staff has been lobbying the House on real estate issues this year on behalf of the National Association of Real Estate Investment Trusts.
Florida Republican Rep. Vern Buchanan is also on the Ways and Means Committee. Earlier this year, he sponsored standalone legislation to reduce the tax on pass-through entities, saying “it’s clearly time that Washington stopped punishing small businesses and started helping them.” Buchanan’s most recent financial disclosure forms show that he owns between $7 million and $32 million of investments in real-estate related partnerships. In 2016, he earned up to $2 million in annual income from those investments.
Family connections are also at play. For instance, Rep. Tom Reed (R-NY) — who sits on the House Ways and Means Committee that wrote the lower chamber’s version of the tax bill — is married to a partner at a real estate LLC, R&R Properties, LLC, from which he and his wife receive income of between $15,000 and $50,000 per year. Reed’s wife is also a partner at R&R Resource Recovery, LLC, the Reeds’ debt collection family business, which specializes in recovering medical debt. The business provides the Reeds with between $15,000 and $50,000 a year in income.
Source Careful, it sounds like you almost wish that were the case! "I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical." - Thomas Jefferson I'll have to remember your overthrow fantasies for next time. A rather conventional tax bill doesn't make me want to light it all on fire.
I actually have to agree. The bill is trash, but the trashiest parts are there because of the procedural issues. If they push this through so rapidly there's going to be tons of unintended things in the bill or things cleverly snuck in that benefit a single person or state. If they took like 2-3 months for debate on it I still wouldn't like it but it'd be a lot closer to normal republican orthodoxy.
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On December 15 2017 11:51 zlefin wrote:Show nested quote +On December 15 2017 11:48 Danglars wrote:On December 15 2017 11:41 {CC}StealthBlue wrote:On December 15 2017 11:39 Danglars wrote:On December 15 2017 09:47 {CC}StealthBlue wrote:In any other country with few exceptions, the government would have fallen by now, or the buildings would be ablaze by now. As Congress races to finalize a landmark $1.4 trillion tax bill, key Republicans legislators directly overseeing the initiative could reap a personal windfall from provisions designed to reduce levies on so-called “pass-through” income, according to federal records reviewed by International Business Times. Those lawmakers — including U.S. House Speaker Paul Ryan — together have tens of millions of dollars invested in scores of real-estate related pass-through corporations and partnerships, collectively earning them millions of dollars of annual income that could be partially exempted from taxes, depending on how the final legislation is structured.
IBT reviewed the most recent personal financial disclosure records of 44 Republican lawmakers in the House and Senate leadership, as well as on the chambers’ committees that have overseen the tax bill. In all, 13 of those lawmakers have between $36 million and $163 million worth of ownership stakes in 40 real-estate or property-related partnerships, corporations and investment trusts. In 2016, those 13 legislators earned between $2.6 million and $16 million of annual income from those investments. Those kind of “pass-through” earnings — which experts say disproportionately flow to high-income households — could get new exemptions under the legislation that Congress is now finalizing.
The original House and Senate bills both aimed to reduce levies on income generated by partnerships that pass their income through to their investors. Both bills, though, included some limits on the tax breaks for pass-through income -- and the final legislation now being worked out in Washington could still eliminate, reduce or cap those tax cuts. Congressional negotiators are reportedly close to agreeing to a 20 percent deduction for pass-through income, with Republicans arguing the deductions would help small businesses.
If the GOP ends up applying a 20 percent deduction to all such passive real-estate income, those 13 legislators who have overseen the tax bill could be permitted to deduct a total of between $520,000 and $3.2 million from their taxable income each year, based on their 2016 filings.
"Congress is not just rigging the system for the idle rich in return for campaign contributions, but is made up in no small part of the type of rich people who want the system rigged,” Jeff Hauser, director of the Revolving Door Project, told IBT. “Too many things which sound like legally problematic conflicts of interest are often legal. The data illustrate why this rushed process is so corrupt. Before passing this bill, there should be time for constituents to force their representatives to justify why their conflicts of interest do not invalidate the broader tax cut bill."
For example, Tennessee Republican Rep. Diane Black serves on the conference committee as well as on the House Ways and Means Committee that oversaw the original House version of the tax bill. Black and her husband, the CEO of forensic science company Aegis Sciences Corp., co-own Ebon Falcon LLC, a real estate company that owns 12 properties including the Aegis building and several nearby properties, according to Rep. Black’s 2016 financial disclosure.
The properties, mostly in Nashville, appear to be commercial, and together they represent between $21.7 and $108 million in value and between $1.7 and $10.5 million in annual rental income. Black, who is Congress’ 11th-richest member, has a current net worth of $46 million, according to Roll Call.
Recently, IBT reported that Black’s former chief of staff has been lobbying the House on real estate issues this year on behalf of the National Association of Real Estate Investment Trusts.
Florida Republican Rep. Vern Buchanan is also on the Ways and Means Committee. Earlier this year, he sponsored standalone legislation to reduce the tax on pass-through entities, saying “it’s clearly time that Washington stopped punishing small businesses and started helping them.” Buchanan’s most recent financial disclosure forms show that he owns between $7 million and $32 million of investments in real-estate related partnerships. In 2016, he earned up to $2 million in annual income from those investments.
Family connections are also at play. For instance, Rep. Tom Reed (R-NY) — who sits on the House Ways and Means Committee that wrote the lower chamber’s version of the tax bill — is married to a partner at a real estate LLC, R&R Properties, LLC, from which he and his wife receive income of between $15,000 and $50,000 per year. Reed’s wife is also a partner at R&R Resource Recovery, LLC, the Reeds’ debt collection family business, which specializes in recovering medical debt. The business provides the Reeds with between $15,000 and $50,000 a year in income.
Source Careful, it sounds like you almost wish that were the case! "I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical." - Thomas Jefferson I'll have to remember your overthrow fantasies for next time. A rather conventional tax bill doesn't make me want to light it all on fire. what about a thoroughly unconventional tax bill that violates some basic standards?
Does it make you long for the fall of the government or buildings on fire too? I hardly know what kind of tax cut you’d consider conventional of all people.
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