Sunday, March 19, 2017

WSJ: ONE BENEFICIARY OF GOP’S TAX BILL: PRESIDENT TRUMP


"The first big tax cut moving through Congress under President Donald Trump would likely benefit the president himself, potentially saving him millions of dollars in taxes on his rental income next year and even more money on other income if he wins a second term.

"Mr. Trump’s decision to continue owning his businesses without running them means that he is no longer considered a real-estate professional for tax purposes. That increases the tax’s effect on him and enhances his benefit from the proposed repeal, which would take effect in 2018, according to accountants and tax lawyers.


"'In terms of his rental income, he would have been largely unaffected by repeal' if he were still a private citizen, said Tony Nitti, an accountant at Withum Smith & Brown. 'There’s no just practical way he can qualify as a real-estate professional now that he’s president of the United States.'"

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