tax bill

The Senate has just passed the controversial tax bill on a party-line vote, 51-48. 14 of the senators who voted in favor of it would reap personal financial benefits. Two are up for re-election in 2018.

Shortly after midnight on Wednesday morning, just before senators fly back to their home states for Christmas, Republicans in the U.S. Senate passed a package of massive tax cuts that will overwhelmingly benefit corporations, the wealthy, and those who will inherit significant wealth. Chants of “kill the bill, don’t kill us” even broke out from the senate gallery as the vote took place:

One of the more insidious parts of the bill added to secure on-the-fence votes involved tax cuts on real estate investors who draw income by way of pass-through entities. The International Business Times’ David Sirota, Alex Kotch, and Josh O’Keefe combed through senators’ financial disclosure statements, and learned that collectively, 14 senators who supported the bill own a combined $105 million in total wealth derived through this exact type of partnership.

The provision was authored by Senator Orrin Hatch (R-Utah), the chairman of the Senate Finance Committee who has been one of the primary authors of the bill since its inception. Hatch owns a real estate LLC worth an estimated $500,000, according to financial disclosure statements.

However, the biggest beneficiary of the new tax break by far is Senator Bob Corker (R-Tennessee) — an anti-Trump Republican who is not running for re-election in 2018. Corker stands to personally gain the most as he reported $7 million in 2016 income alone from real estate shell companies, according to the Times. The language became known as the “Corker Kickback,” as Corker’s vote was seen as crucial to secure for the GOP to get the tax bill to President Trump’s desk.

Here are the names of all the senators who voted in favor of the tax bill that personally enriches them.

(EDITOR’S NOTE: Because financial disclosure forms only give ranges, the reported income and net worth of their real estate pass-throughs is listed in a range format. Senators who are up for re-election in the 2018 midterms have asterisks next to their names.)

1. Senator Lamar Alexander (R-Tennessee)

Estimated annual pass-through income: $115,404 to $1,052,000

Estimated pass-through net worth: $1,228,769 to $5,428,767

2. Senator John Barrasso (R-Wyoming)*

Estimated annual pass-through income: $15,001 to $50,000

Estimated pass-through net worth: $250,001 to $500,000

3. Senator Bob Corker (R-Tennessee)

Estimated annual pass-through income: $1,200,003 to $7,000,000

Estimated pass-through net worth: $16,000,003 to $35,000,000

4. Senator Steve Daines (R-Montana)

Estimated annual pass-through income: $485,008 to $4,215,000

Estimated pass-through net worth: $5,250,008 to $22,500,000

5. Senator Orrin Hatch (R-Utah)*

Estimated annual pass-through income: $5,001 to $15,000

Estimated pass-through net worth: $250,001 to $500,000

6. Senator John Hoeven (R-North Dakota)

Estimated annual pass-through income: $2,702 to $6,000

Estimated pass-through net worth: $100,001 to $250,000

7. Senator James Inhofe (R-Oklahoma)

Estimated annual pass-through income: $50,001 to $100,000

Estimated pass-through net worth: $2,182,000

8. Senator Johnny Isakson (R-Georgia)

Estimated annual pass-through income: $17,502 to $55,000

Estimated pass-through net worth: $300,002 to $600,000

9. Senator Ron Johnson (R-Wisconsin)

Estimated pass-through income: $115,001 to $1,050,000

Estimated pass-through net worth: $6,100,001 to $30,250,000

10. Senator John Kennedy (R-Louisiana)

Estimated annual pass-through income: $25,003 to $80,000

Estimated pass-through net worth: $650,003 to $1,350,000

11. Senator Rand Paul (R-Kentucky)

Estimated annual pass-through income: $10,002 to $30,000

Estimated pass-through net worth: $200,002 to $500,000

12. Senator Rob Portman (R-Ohio)

Estimated annual pass-through income: $274,502

Estimated pass-through net worth: $400,003 to $850,000

13. Senator Jim Risch (R-Idaho)

Estimated annual pass-through income: $35,003 to $150,000

Estimated pass-through net worth: $1,350,003 to $5,750,000

14. Senator Luther Strange (R-Alabama)

Estimated annual pass-through income: $15,001 to $50,000

Estimated pass-through net worth: $51,002 to $115,000

 

Carl Gibson is a politics contributor for Grit Post. His work has previously been published in The Guardian, The Washington Post, The Houston Chronicle, Al-Jazeera America, and NPR, among others. Follow him on Twitter @crgibs or send him an email at carl at gritpost dot com.

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