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Tennessee Sen. Corker says he doesn't know how deduction for real estate businesses that benefits him AND Trump got into the final tax cut racing toward a final vote


A last-minute change to the tax cut package barreling through Congress gives a break to people including President Trump and key last-minute supporter Tennessee Sen. Bob Corker, who each own millions worth of income-producing real estate. Corker, a ...


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By Geoff Earle, Deputy U.sPolitical Editor For Dailymail.com Published: 10:07 EST, 18 December 2017 | Updated: 17:31 EST, 18 December 2017 e-mail var twitterVia = 'MailOnline'; DM.later('bundle', function(){ DM.has('shareLinkTop', 'shareLinks', { 'id': '5191099', 'title': 'Real estate tax cut provision benefits Corker AND Trump', 'url': 'http://www.dailymail.co.uk/news/article-5191099/Real-estate-tax-cut-provision-benefits-Corker-Trump.html', 'eTwitterStatus': ' http://dailym.ai/2AS749e via @' + twitterVia, 'articleChannelFollowButton': 'MailOnline', 'isChannel': false, 'hideEmail': true, 'placement': 'top', 'anchor': 'tl'}); }); 171 shares 84 View comments DM.later('bundle', function(){ DMS.Article.init('top'); }); A last-minute change to the tax cut package barreling through Congress gives a break to people including President Trump and key last-minute supporter Tennessee SenBob Corker, who each own millions worth of income-producing real estate.Corker, a Tennessee Republican, announced his support for the tax cut only Friday, after he said he had reviewed only a two-page summary of the legislation.On Saturday, International Business Times reported on the provision – which would benefit Corker, one of the wealthiest members of the Senate who earned up to $7 million in rental income off his multi-million real estate holdings.Trump also would benefit, having earned between $41 million and $68 million in 2016 off his real estate empire, which gets rental income from LLCs and other corporate structures valued at up to $704 million, according to the report SenBob Corker of Tennessee said he never saw the text of a provision that would benefit real estate moguls like himselfHe announced his support for the tax cut on FridayAmid blowback over the provision – which was included in neither of the original House or Senate-passed versions of the bill – Corker released a letter he wrote to Senate Finance Chairman Orrin Hatch asking how it got into the final product. 'Because this issue has raised concerns, I would ask that you provide an explanation of the evolution of this provision and how it made it into the final conference report,' wrote Corker, who is retiring in 2018 at the end of his term. 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Share this article Share 171 shares DM.later('bundle', function(){ if (DM.Rotator) { new DM.Rotator('p-18', { pageSize: 1, pageCount: 1.0, activeClass: 'active', rotate: false }); } $('#p-18 .share').on('click', function() { DMS.Facebook.postToFB('related'); }); }); He denied to International Business Times having any advance knowledge of the provision, which critics are already slamming as the 'Corker kickback' – in reference to the 'Cornhusker Kickback' that helped win over a key vote for Obamacare.  'I had like a two-page summary I went through with leadership,” Corker said'I never saw the actual text.'Then he added: 'I don’t really know what the provision does, to be honestI would need an accountant to explain itI had no knowledge of this.'Hatch responded with a letter saying he was 'disgusted' with reports that 'distort' the provision, which he said he authoredHatch wrote he was 'unaware' of anyone on Corker's staff attempting to contact the staff negotiating the conference committee bill regarding the provision. President Donald Trump also would benefit from the provision.  He earned an estimated $41 million and $68 million in rental income in 2016 Corker wrote the chair of the Senate Finance Committee seeking 'an explanation of the evolution of this provision and how it made it into the final conference report' Senator John McCain will miss the vote as he visits with family in Arizona while he recovers from treatments as he battles brain cancer Senator Thad Cochran, a Republican from Mississippi is battling ailments but is expected to vote on the tax cut this week Hatch continued: 'The first claim – that a new pass-through proposal was created out of whole cloth and inserted into the conference report – is an irresponsible and partisan assertion that is belied by the factsFor more than a year, tax-writers in the House and Senate have worked to craft legislation that not only provided relief for “C” corporations, but also delivered equitable treatment for pass-through businessesThough the two chambers came at this issue from different angles, our goal was the same: To provide tax relief to pass-through businesses at a level similar to that provided to regular “C” corporations.'Corker's statement about the provision came after he had already announced his support for the 1,097 page bill. The last-minute change was to a provision to allow certain types of 'pass-through' corporations take a 20 per cent deduction on their earnings.That provision was added in part to allay complaints that corporations got a big tax cut – from 35 per cent down to 21 percent – that would not benefit LLCs, S-corporations, and other structures that essentially pass on earnings to people who file as individuals.The Senate version of the bill limited the provision to businesses who pay employees significant wages, The Hill reported.   California Democratic SenDianne Feinstein (center right, in blue) called the bill 'awful' and 'one of the most irresponsible I've seen' WHAT'S IN THE FINAL TAX BILL? Top income tax bracket has dropped to 37 per cent from 39.6 per cent Other brackets are zero, 12, 22, 24, 32 and 35 per cent 'Standard' deduction for non-itemizers nearly doubles Interest is deductible only on the first $750,000 of new home mortgages Only individuals making more than $500,000 and couples earning $600,000 are in the top bracket Corporate tax rates drop from 35 per cent to 21 per cent Deduction for medical expenses and student loan interest and an exemption for graduate school tuition waivers Ends Obamacare tax penalty for failing to buy health insurance Doubles child tax credit to $2,000 for families earning up to $400,000 $1,400 of child credit is refundable even for families that don't pay any income tax Doubles estate tax exemption to the first $11.2 million of inheritances Opens a portion of the Arctic National Wildlife Refuge to oil and gas drilling 'Pass-through' corporations can deduct 20 per cent of income Elimination of corporate Alternative Minimum Tax No repeal of Johnson Amendment barring churches and religious organizations from election activity adverts.addToArray({"pos":"inread_player"}) Read more: Last-Minute Real Estate Tax Break In GOP Bill Will Benefit Trump Last-minute provision in GOP tax bill would benefit Trump, Corker: IBTimes | TheHill DM.later('bundle', function(){ DM.has('external-source-links', 'externalLinkTracker'); }); Share or comment on this article e-mail 171 shares var twitterVia = 'MailOnline'; DM.later('bundle', function(){ DM.has('shareLinkBottom', 'shareLinks', { 'id': '5191099', 'title': 'Real estate tax cut provision benefits Corker AND Trump', 'url': 'http://www.dailymail.co.uk/news/article-5191099/Real-estate-tax-cut-provision-benefits-Corker-Trump.html', 'eTwitterStatus': ' http://dailym.ai/2AS749e via @' + twitterVia, 'articleChannelFollowButton': 'MailOnline', 'placement': 'bottom', 'anchor': 'tl' ,'hideEmail' :true }); }); DM.later('bundle', function(){ DMS.Article.init('bottom'); }); DM.later('bundle', function(){ DM.has('socialLinks', 'SCExternalLinks', { value: 'share 5191099' }); }); window.articleShortUrl = 'http://dailym.ai/2AS749e'; window._taboola = window._taboola || []; _taboola.push({ mode: 'autosized-generated-text-under-1r-us', container: 'taboola-below-main-column', placement: 'wide' }); _taboola.push({flush:true}); Most watched News videos Parts of Niagara Falls is frozen due to cold temperatures Body cam video shows cops shoot 'swatting prank' victim dead The horrifying moment grandma on scooter tumbles down escalator Lindy Lou Layman in court after arrest for criminal mischief Meghan Markle's half-brother says she had a close family Rescuers tackle raging Manchester block blaze from a balcony Troy quadruple homicide suspects walk silently out of court Ringo Starr and Barry Gibb awarded knighthoods in New Year Bystander films aftermath of deadly workplace shooting CCTV captures mysterious 'ghost of Christmas' in Peru Watch boiling water turned into snow in -31 degrees fahrenheit Man getting a wound in his finger DRILLED to 'release pressure' window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-b', container: 'taboola-below-article-thumbnails-2nd', placement: 'Below Article Thumbnails 2nd', target_type: 'mix' }); Sainsbury's truck driver tells how he slammed his brakes.. 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