American - Journalist | 1952 -
Mr. Trump has said he strongly supports immediate expensing of capital expenditures, which many economists agree would encourage growth.
James B. Stewart
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Many tax experts say a key element to any fundamental overhaul is getting rid of certain deductions for businesses - the 'special-interest giveaways that are masked as tax breaks,' as House Republicans describe many of them in their own proposal.
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The National Multifamily Housing Council, a trade association of apartment owners, managers, developers and lenders, has come to the defense of the interest deduction and other provisions favorable to the real estate industry, describing them as 'core principles' and promising a fight.
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The real estate lobby has prominent allies in both parties. After the last major overhaul of the tax code, in 1986 - under a Republican president, Ronald Reagan, a Republican Senate and a Democratic House - it was a Democrat, Bill Clinton, who signed legislation that restored lost real estate tax breaks seven years later.
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Advocates of a tax overhaul often point to the 1986 act as a model for a comprehensive approach that ushered in a long period of economic growth.
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Amazon and Snap both have stories that are compelling for many investors: Amazon has transformed retailing and is destined to dominate it. Snap is reinventing communication, at least for millennials and those even younger.
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Early investors in Uber and Airbnb, though they remain private companies, have valued them at stratospheric multiples based largely on the notion that Uber will transform and dominate local transportation and Airbnb will revolutionize the hotel industry.
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For every Tesla or Uber, there's a Valeant Pharmaceuticals or Theranos - two story stocks that seduced an astounding array of prominent investors and supporters based on stories that did turn out to be too good to be true.
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Like or loathe Donald J. Trump, you have to give him this: He's done more to shine a spotlight on the loopholes and fundamental unfairness of the tax code than any other American president.
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The A.M.T. is a parallel system for calculating tax liability intended to ensure that high-income taxpayers pay a substantial amount in federal tax even if they have large deductions or other items to offset income.
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The A.M.T. is much reviled by tax experts across the political spectrum for its unintended consequences and fiendish complexity.
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Losses from partnerships and limited-liability companies, the entities through which the Trumps report much of their income, do not have to be added back as part of the A.M.T. calculation.
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