After Receiving Over $70,000 From Real Estate Special Interests, GOP Senators Sneak $170 Billion Tax Break Into Stimulus

This evening, the New York Times published a bombshell report on Senate Republicans sneaking into the coronavirus relief package a special $170 billion dollar tax break for the real estate developers bankrolling their campaigns. The group behind the special tax break, the Real Estate Roundtable, has contributed more than $70,000 to the campaigns of Republican Senators. 

The revelation comes after a week of damaging headlines for Senate Republicans due to GOP Senators Kelly Loeffler, David Perdue, and Richard Burr using classified information to dump stocks at a profit shortly before the stock market plummeted due to the coronavirus outbreak.

“In a bill designed to give relief to Americans out of work due to the coronavirus outbreak, Senate Republicans shamefully snuck in a special tax break for the real estate developers bankrolling their campaigns,” said American Bridge spokesperson Zach Hudson. “It’s unfortunately not surprising that the same party that views the coronavirus outbreak as an opportunity to make millions off the stock market also snuck in a massive giveaway to the special interests lining their campaigns’ pockets.” 


Shot:

New York Times: Senate GOP Inserted $170 Billion Perk In COVID-19 Relief Package For Wealthy Real Estate Investors. “Senate Republicans inserted an easy-to-overlook provision on page 203 of the 880-page bill that would permit wealthy investors to use losses generated by real estate to minimize their taxes on profits from things like investments in the stock market. The estimated cost of the change over 10 years is $170 billion. […] A spokesman for the Real Estate Roundtable, a lobbying group, played down the importance of the provision. He said that under the 2017 law, some real estate developers simply spread their losses over multiple years, potentially avoiding the $500,000 ceiling. Among the possible beneficiaries of the change are real estate investors in President Trump’s inner circle.” [New York Times, 3/26/20]


Chasers:

  • 2007-2014: Susan Collins’ Campaign Committee Took $11,500 In Campaign Contributions From Real Estate Roundtable PAC. [FEC, Accessed 3/26/20]
  • Mitch McConnell Accepted $17,500 From The Real Estate Roundtable Over The Course Of His Career. [FEC, Campaign Finance Data, RECIPIENT NAME OR ID: McConnell Senate Committee, Viewed 3/26/20]
  • 2010-Present: John Cornyn Has Taken $15,500 In Campaign Contributions From The Real Estate Roundtable. [Federal Election Commission, viewed 3/26/20]
  • Steve Daines Received A Total Of $5,000 From The Real Estate Roundtable Political Action Committee In 2019. [Federal Election Commission, viewed 3/26/20]
  • Cory Gardner Accepted $2,000 From The Real Estate Roundtable Over The Course Of His Career. [FEC, Campaign Finance Data, RECIPIENT NAME OR ID: Cory Gardner for Senate, Viewed 3/26/20]
  • August 2019: Lindsey Graham’s Campaign Committee Took $5,000 In Campaign Contributions From Real Estate Roundtable PAC. [FEC, Accessed 3/26/20]
  • David Perdue Accepted $7,000 From The Real Estate Roundtable Over The Course Of His Career. A [FEC, Campaign Finance Data, RECIPIENT NAME OR ID: Perdue for Senate, Viewed 3/26/20]
  • 2017-Present: Thom Tillis Took A Total Of $7,000 From The Real Estate Roundtable Political Action Committee. [Federal Election Commission, viewed 3/26/20]