Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
The REAL Reason This CORRUPT Senator Flip-Flopped On Trump's Tax Cut Bill
Posted
December 19, 2017
Views
123,710
Likes
3,028
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574
Engagement
2.91%
December 19, 2017
123,710
3,028
574
2.91%
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12:25Now PlayingDavid Sirota (TYT Contributor) broke an amazing story about Senator Bob Corker recently, turns out the American people are about to get swindled. Cenk Uygur of The Young Turks, breaks it down. Tell us what you think in the comment section below. Watch David's report here
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"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."*
Hosts: Cenk Uygur
Cast: Cenk Uygur
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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