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The kinds of tax cuts that go to these llcs. but there is one special provision inserted in there which tax experts say are designed specifically primarily for llcs that have depreciatable property. that s like buildings and real estate. and llcs that don t have workers. so it s a provision as tax experts say for basically people who put their real estate holdings in llcs, namely, a good example bob corker, but not only bob corker. we have a new report up at ibt tonight, ibtimes.com that shows all 14 republican senators on the republican side that have the kinds of llc shell holdings. one of the things you re reporting over the course of this has really illustrated for me is just in general, senators and members of congress have weird finances. they don t have finances that look like the rest of america s because, a, they re almost all wealthy enough that they were able to run in the first place. and b, that wealth doesn t come from mostly their wage income. we know what they make ev ....
But there is one special provision inserted in there which tax experts say are designed specifically primarily for llcs that have depreciatable property. that s like buildings and real estate. and llcs that don t have workers. so it s a provision as tax experts say for basically people who put their real estate holdings in llcs, namely, a good example bob corker, but not only bob corker. we have a new report up at ibt tonight, ibtimes.com that shows all 14 republican senators on the republican side that have the kinds of llc shell holdings. one of the things you re reporting over the course of this has really illustrated for me is just in general, senators and members of congress have weird finances. they don t have finances that look like the rest of america s because, a, they re almost all wealthy enough that they were able to run in the first place. and b, that wealth doesn t come from mostly their wage income. we know what they make every year from their sal rich. it s a good amo ....
And handsomely many of the same people vote on it. the ivt times senior adviser, the one who first spotted the tax break in the final bill. david, my understanding is this was not in either the house or the senate, but it was some kind of version blending of two ideas that had been in both the bills. that s right. the house bill included a broad sweeping tax cut for the so-called pass-through entities. and in the senate had restrictions on the kinds of tax cuts that could go to these entities, basically trying to target the tax cuts to llcs that actually hire people and create jobs. the conference committee goes in. corker hasn t voted against the senate bill that included the restrictions, against the bill that would include restrictions to basically prevent enriching the kind of llcs he owns. they go into conference. they come out of conference. and what do you know, a provision that wasn t in either of the bills basically looks like there is restrictions on ....
David, my understanding is this was not in either the house or the senate, but it was some kind of version blending of two ideas that had been in both the bills. that s right. the house bill included a broad sweeping tax cut for the so-called pass-through entities. and in the senate had restrictions on the kinds of tax cuts that could go to these entities, basically trying to target the tax cuts to llcs that actually hire people and create jobs. the conference committee goes in. corker hasn t voted against the senate bill that included the restrictions, against the bill that would include restrictions to basically prevent enriching the kind of llcs he owns. they go into conference. they come out of conference. and what do you know, a provision that wasn t in either of the bills basically looks like there is restrictions on the kinds of tax cuts that go to these llcs. ....
This is written and passed? you want the short answer to that question? yes. it is yes. look, i just saw a list a few minutes ago of members of congress who have, who are in the real estate business and many of them have real estate l.l.cs and they are going to benefit very substantially from this legislation. but of course, it s not just that. so to answer your question, i think what we have seen in the last couple of months cuthis we is incredible greed on the part of multinational corporations that will get huge tax reductions and on the part of many wealthy people including members of the congress who have written legislation, which will benefit them personally. is there any way to stop this train at this point? very difficult. i mean, they got 52 votes. we have 48 votes. ....