The real estate industry has long enjoyed uniquely favorable tax treatment — thanks in part to Mr. Trump’s actions before and after he became president.
Twenty-five years before he was elected president, Donald J. Trump went to Capitol Hill to complain that Congress had closed too many tax loopholes. He warned that one industry, in particular, had been severely harmed: real estate.
The recent demise of real estate tax shelters, part of a landmark 1986 overhaul of the tax code, was “an absolute catastrophe for the country,” Mr. Trump testified to Congress that day in November 1991.
“Real estate really means so many jobs,” he said. “You create so many other things. They buy carpet. They buy furniture. They buy refrigerators. They buy other things that fuel the economy.” Continue reading.
By multiple measures, workers are faring poorly under Donald Trump compared to his predecessor. Yet Trump keeps telling workers that because of him they are doing better. Let’s examine the facts.