Bernie Sanders announces bill to close REI Tax "loopholes"
Sanders Announces Bill to Close Tax Loopholes Used by Trump
Tuesday, October 4, 2016
WASHINGTON, Oct. 4 – Sen. Bernie Sanders (I-Vt.) announced Tuesday he would introduce legislation in the next session of Congress to fix our rigged tax system and close loopholes Donald Trump used to possibly avoid paying federal income taxes for nearly two decades.
“Special tax breaks and loopholes in a corrupt tax code enable billionaires and powerful corporations to avoid paying their fair share of taxes while sticking the burden on the middle class,” Sanders said. “It's time to create a tax system which is fair and which asks the wealthy and powerful to start paying their fair share of taxes.”
Special breaks and loopholes in the tax code favor wealthy real estate investors like Trump and do nothing to boost the economy. These breaks likely made it easier for him to claim losses of $916 million in the 1990s and avoid paying income taxes in subsequent years.
“I will be introducing comprehensive legislation at the beginning of the next session of Congress to do just that,” Sanders said.
For a factsheet on the tax loopholes Sanders’ bill would close click here.
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Sanders will do away with 1031 Exchanges, the ability to deduct REI losses from personal income and more. Basically this career politician who knows nothing about business is doing away with almost all of the incentives for Ma and Pa investors to provide housing at a time when the country is in dire need of more housing...SMH these are not "loopholes" they are incentives to provide housing.