Florida lawmaker who helped craft new tax law stands to gain
Already one of the wealthiest lawmakers on
The potential windfall for Buchanan — worth at least
Not a single Democrat in the
But the biggest winners are those who are already doing well.
The nonpartisan Tax Policy Center estimated that for the richest 0.1 percent — those making over
The tax code overhaul is especially generous to real estate businesses and car dealerships, many of which are organized as "pass-through" companies. That means they pay personal income tax on business earnings. The new law allows them to reduce their taxable business income by 20 percent.
The bedrock of Trump's personal fortune is real estate, and his company, the
Buchanan's online biography describes him as a self-made businessman who grew up in a blue-collar household and worked his way through college. He once owned nearly 20 auto franchises but sold off most of them since being elected to
He earned at least
His congressional office provided a brief statement but didn't respond to the AP's questions about how the tax law would benefit him and about whether he advocated for specific provisions as a member of the House committee that played a central role in crafting the tax plan.
"This isn't about Vern, it's about the tens of thousands of small businesses that have been unfairly penalized by high taxes," spokesman
The version of the tax bill that Buchanan and other
But the
Lawmakers eventually decided to keep the deduction in the bill Trump made law.
Buchanan, as a member of the
Members of
One of his larger liabilities — between
Buchanan arrived in
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