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Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package
(6 days later)
The federal government’s planned $2 trillion economic rescue package includes financial aid for individuals and industries that are struggling to survive the coronavirus pandemic.The federal government’s planned $2 trillion economic rescue package includes financial aid for individuals and industries that are struggling to survive the coronavirus pandemic.
It also includes a potential bonanza for America’s richest real estate investors.It also includes a potential bonanza for America’s richest 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.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.
Under the existing tax code, when real estate investors generate losses from gradually writing down the value of their properties, a process known as depreciation, they can use some of those losses to offset other taxes. The result is that people can enjoy big tax breaks stemming from only-on-paper losses, even if they enjoy big cash profits in the real world.Under the existing tax code, when real estate investors generate losses from gradually writing down the value of their properties, a process known as depreciation, they can use some of those losses to offset other taxes. The result is that people can enjoy big tax breaks stemming from only-on-paper losses, even if they enjoy big cash profits in the real world.
But the use of those losses was limited by the 2017 tax-cut package. The losses could be used only to shelter the first $500,000 of a married couple’s nonbusiness income, such as capital gains from investments. Any leftover losses got rolled over to future years.But the use of those losses was limited by the 2017 tax-cut package. The losses could be used only to shelter the first $500,000 of a married couple’s nonbusiness income, such as capital gains from investments. Any leftover losses got rolled over to future years.
The new stimulus bill lifts that restriction for three years — this year, and two retroactive years — a boon for couples with more than $500,000 in annual capital gains or income from sources other than their business. That group comprises the top 1 percent of taxpayers, according to Internal Revenue Service data.The new stimulus bill lifts that restriction for three years — this year, and two retroactive years — a boon for couples with more than $500,000 in annual capital gains or income from sources other than their business. That group comprises the top 1 percent of taxpayers, according to Internal Revenue Service data.
A draft congressional analysis this week found that the change is the second-biggest tax giveaway in the $2 trillion stimulus package. That cost analysis also includes the impact of some smaller technical changes to the law. Other industries, like oil and gas and commodities trading, also stand to benefit from the change.A draft congressional analysis this week found that the change is the second-biggest tax giveaway in the $2 trillion stimulus package. That cost analysis also includes the impact of some smaller technical changes to the law. Other industries, like oil and gas and commodities trading, also stand to benefit from the change.
“It’s a pretty big deal,” said Peter Buell, who runs tax services for the real estate practice of the accounting firm Marcum. A separate provision in the stimulus bill, which removes restrictions on losses that people can carry over from previous years, would make the tax break even more lucrative.“It’s a pretty big deal,” said Peter Buell, who runs tax services for the real estate practice of the accounting firm Marcum. A separate provision in the stimulus bill, which removes restrictions on losses that people can carry over from previous years, would make the tax break even more lucrative.
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.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.Among the possible beneficiaries of the change are real estate investors in President Trump’s inner circle.
In 2018, The New York Times reported that Jared Kushner, Mr. Trump’s son-in-law and adviser, likely didn’t pay federal income taxes for several years because of paper losses generated by depreciating his companies’ properties, despite his significant wealth and earnings from other sources, according to confidential financial documents.In 2018, The New York Times reported that Jared Kushner, Mr. Trump’s son-in-law and adviser, likely didn’t pay federal income taxes for several years because of paper losses generated by depreciating his companies’ properties, despite his significant wealth and earnings from other sources, according to confidential financial documents.
Updated July 7, 2020
The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
Mr. Trump has also reported significant losses on his tax return. Portions of a 1995 tax return published by The Times showed nearly $916 million in losses, which could have permitted him to avoid paying any federal income taxes for almost two decades.Mr. Trump has also reported significant losses on his tax return. Portions of a 1995 tax return published by The Times showed nearly $916 million in losses, which could have permitted him to avoid paying any federal income taxes for almost two decades.
The 2017 law restricted both men’s abilities to reap tax savings through only-on-paper losses; now, with those limits likely to be lifted, Mr. Trump and Mr. Kushner, as well as other wealthy real estate developers, have the potential to score big tax savings.The 2017 law restricted both men’s abilities to reap tax savings through only-on-paper losses; now, with those limits likely to be lifted, Mr. Trump and Mr. Kushner, as well as other wealthy real estate developers, have the potential to score big tax savings.
The Senate unanimously approved the $2 trillion aid package late Wednesday night. The House is expected to vote on the measure on Friday to deal with the economic damage wrought by the coronavirus pandemic; it would be the largest fiscal stimulus package in modern American history. It would then be sent to Mr. Trump for his signature.The Senate unanimously approved the $2 trillion aid package late Wednesday night. The House is expected to vote on the measure on Friday to deal with the economic damage wrought by the coronavirus pandemic; it would be the largest fiscal stimulus package in modern American history. It would then be sent to Mr. Trump for his signature.