The rich got a boon with a lesser-known tax break: ProPublica
(Bloomberg) – President Donald Trump’s 2017 tax cut resulted in a significant tax cut for private companies, many of which had close ties to the White House, key senators and influential lobbyists, according to the ProPublica newspaper.
Dick and Liz Uihlein of packaging giant Uline Inc., as well as roofing mogul Diane Hendricks – who were all donors to Senator Ron Johnson’s re-election campaign in 2016 – received hundreds of millions in savings tax thanks to the changes to the impacted tax break that the Wisconsin Republican said he helped revise, according to the ProPublica Report.
ProPublica said 82 taxpayers collectively walked away with more than $ 1 billion in total savings in 2018, the first year the tax deduction was available. Among those who suffered large tax deductions was Michael Bloomberg, who was able to reduce his tax bill by $ 68 million that year, the outlet reported.
(Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)
The story is the latest from investigative media based on confidential tax data. ProPublica said the information was sent unsolicited to the outlet by a source whose identity it does not know.
The source of the disclosure is the subject of several federal investigations, including the Treasury Department and the Federal Bureau of Investigation.
The pass-through tax deduction discussed in the article – a 20% tax break for private businesses ranging from family-owned operations to large real estate developers – was a key part of Trump’s tax cut in 2017, which also included a big cut. rate for corporations.
The Senate adopted a budget resolution Wednesday that will advance the legislative path for Democrats to roll out much of the GOP’s tax law, which could include cuts to that tax break.