GOP Tax Bill Could Be a Windfall for Dozens of Lawmakers - NBC Southern California
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GOP Tax Bill Could Be a Windfall for Dozens of Lawmakers

Only two Republicans found to have sizable real estate holdings voted against the bill

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    NEWSLETTERS

    Senate Passes $1.5T Tax Cut Bill Hours After House Passage

    Republican lawmakers in the Senate narrowly passed a $1.5 trillion tax bill to a party line vote of 51-48, just hours after it passed the House. Senate Majority Leader Mitch McConnell claims that Americans will learn to love the bill, which provides a healthy tax cut to businesses and wealthy tax payers and is projected to raise the national debt by $1.46 trillion. (Published Wednesday, Dec. 20, 2017)

    The Republican tax overhaul that passed Congress Wednesday should offer a tax windfall to dozens of lawmakers, CNBC reported.

    President Donald Trump would also benefit from the bill, which gives favorable treatment to a common form of real estate income.

    According to an analysis of federal financial disclosures conducted for CNBC by the Center for Responsive Politics, roughly four dozen Republican members of Congress who voted for the bill stand to gain from a measure reducing the rate on "pass-through" income derived from real estate. It was added late last week to the tax cut package, around when Sen. Bob Corker, R-Tenn., decided to support the measure.

    Only two Republicans found to have sizable real estate holdings, Reps. Darrell Issa of California and Rodney Frelinghuysen of New Jersey, voted against the bill. They did so both times it was before the House.