Despite a good idea like revoking the Church of Scientology’s tax-exempt status, President Trump (and the GOP) aren’t coming up with many ideas when it comes to cutting taxes for the rest of the country. There’s no denying that the current Republican tax plans in the House and the Senate give huge cuts to the wealthy, especially if the estate tax is removed, but Republicans have been editing their plans to close some loopholes. One loophole that remains open, however? The one for people who own golf courses.
According to Bloomberg, a House rewrite of its tax plan will keep the so-called “golf break” in place, despite a 2014 estimate that closing the loophole would save the country over $600 million over ten years. The deduction, used by property owners to not build courses on open land areas, has been used by the Trump Organization in the past:
The golf deduction is just one example of how Trump businesses would benefit under the House Republican plan. Interest expenses for loans on commercial real estate, for instance, would also remain deductible in many cases, even as that benefit is reduced for most other industries.
The commercial real estate industry is looking at this and saying, ‘I love it,'” said Daniel Shaviro, a tax-law professor at New York University. “Despite his efforts to prevent us from knowing about his tax returns, it’s clear this is a huge plus for Trump.”
President Trump phoned Democrats earlier this week from his trip in Asia in an attempt to garner support. In doing so, Trump informed them that his accountant had assured him that he would be a “big loser” under this tax plan.
(Via Bloomberg)