Biden wants to repeal real-estate tax breaks that probably save Trump hundreds of millions of dollars.
President Trump doesn’t like hearing about Joe Biden’s lead in the polls, and he probably doesn’t like hearing about Biden’s tax proposals, either—because they could cost him a lot of money.
Various records indicate Trump paid no federal taxes in 1978, 1979 and 1984, thanks to real-estate deductions. Leaked snippets of Trump’s 1995 tax return show he claimed a $916 million deduction, probably related to his casino bankruptcies in 1991 and 1992, that could have zeroed out his federal tax bill for up to 18 years.
A study earlier this year by the Tax Policy Center found that eliminating those sorts of tax breaks for real-estate developers could generate an additional $294 billion in federal revenue over 10 years, or $29 billion per year. “If Biden wins the presidency and Democrats win the Senate majority, the Democratic taxman cometh for the real estate industry,” Beacon Research wrote in a July 22 analysis of Biden’s latest plan.
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