In his announcement explaining why he is shifting from a ‘no’ to a ‘yes’ on President Trump’s tax bill, Sen. Bob Corker explained that he was making a bet on the “enterprising spirit” of America. In other words, despite the fact that he promised not to vote for a bill that will add to the deficit, and despite the fact that this bill will certainly do so, Corker is hoping that all the projections are wrong and that other factors, like deregulatory actions and changes in trade and immigration policy will help make up the difference. This doesn’t undo the fact that Corker is breaking a promise, nor does it convincingly explain why he’s abandoned his former position which was based on principle.
Nothing in the tax bill the conference committee produced would directly overcome the objections that led Corker to oppose the original Senate bill, but one thing that was added at the last second would benefit Corker directly. Like Trump, Corker made his career in real estate, and a new provision of the tax bill would vastly reduce Trump and Corker’s tax liabilities:
In the 503-page text was a new provision that was not in the House or Senate legislation. It would specifically benefit real estate investors who operate “pass-through” businesses. This group includes President Trump — and also Bob Corker, who “has millions of dollars of ownership stakes in real-estate related LLCs that could also benefit” from the new provision.
The savings to Corker could be substantial, according to the Center for Economic and Policy Research.
Senator Corker does considerably better with the Republican tax bill than a married couple earning $30,000, with two kids https://t.co/bv2gU4tfGl pic.twitter.com/OjfoRyN83P
— Dean Baker (@DeanBaker13) December 17, 2017
When allegations arose that he’d changed his vote in exchange for a tax break in excess of a million dollars, Sen. Corker at first feigned as special kind of ignorance.
Corker then contacted the International Business Times and said the new provision did not influence his position on the bill because he hadn’t actually read it before announcing his vote. “I had like a two-page summary I went through with leadership. I never saw the actual text,” Corker said.
Upon further thought, however, the senator must have realized that claiming not to have read the bill wasn’t a particularly good look, and it wasn’t very believable either, considering the personal windfall he’s getting from the provision he didn’t read. His credibility took a further hit when Senate Majority Whip John Cornyn, who is responsible for getting the votes needed to pass the bill, spoke to ABC News and freely admitted that the provision was added specifically to help him convince an unspecified wavering senator (or senators).
So, Corker, acting much like O.J. Simpson in search for the real killer, wrote a letter last night to Senate Finance Committee chairman Orrin Hatch. Corker demanded that Hatch “provide an explanation of the evolution of this provision and how it made it into the final conference report.” The clear quid pro quo nature of the tax windfall, Corker described as a “sensitivity” necessitating an expedited response from the Utah lawmaker.
In other words, Corker would have us believe that this provision was added without his knowledge and played no part in his about-face on the merits of the overall bill. He even described the provision, which we’ve already noted would add more than a million dollars to his wallet, as “totally unnecessary and borderline ridiculous.” Presumably that means that he won’t accept the million dollars, and some amendment striking the offending language (now known as the #CorkerKickback) from the bill will be necessary.
Now, Corker has already announced that he isn’t running for reelection, so he can be as big of a self-serving hypocrites as he wants. He could probably use the money to help pay his past tax bills, since the Wall Street Journal reported last week that the Tennessee senator has been making a lot of “filing errors.” In other words, the following all came to light in between his vote against the tax bill and his announcement that he would support the tax bill.
Sen. Bob Corker failed to properly disclose millions of dollars in income from real estate, hedge funds and other investments since entering the Senate in 2007, according to new financial reports filed by the Tennessee Republican.
Mr. Corker late Friday filed a series of amendments showing that his personal financial reports as originally filed included dozens of errors and omissions. The new filings came after The Wall Street Journal asked the senator’s office about some irregularities in his prior financial reports…
…The new forms show that Mr. Corker had failed to properly disclose at least $2 million in income from investments in three small hedge funds based in his home state. He also didn’t properly report millions of dollars in income from commercial real-estate investments due to an accounting error. And he didn’t disclose millions of dollars in other assets and income from other financial transactions.
A letter sent to the secretary of the Senate along with the new financial reports acknowledged that the senator’s previous reports didn’t comply with Senate rules.
“I am extremely disappointed in the filing errors that were made in earlier financial disclosure reports,” Mr. Corker said in a statement to the Journal. After the Journal raised questions about the prior reports, Mr. Corker hired an accounting firm to review all of his transactions.
Needless to say, we can see a lot of reasons that Corker has changed his position, but none of them have anything to do with the national debt or any kind of principle whatsoever.
But Corker probably does care at least a little bit about his reputation and how he’ll be viewed by posterity, so will he still go ahead and vote to make himself a millionaire one more time over even as we’re all watching him with our very own eyeballs?
It always amazes me that a tool like Corker has to amend these filings years after the fact. He certainly doesn’t do his taxes himself, right? And it’s laughable someone like him could file corrections so far after the fact and face no penalties. Is it any wonder people think Congress is such a joke and a sham, on top of everything else?
Yes, he will. What reason would he give for changing his mind now> Given the publicity surrounding this, it makes it look even more like a vote driven by self-interest, not the merits.
When an institution is thoroughly corrupt, the question “how much corruption is too much?” becomes rhetorical. Lame duck Corker would have to be a real stooge to have this liddle real estate scam now taken out, and then have to vote for the bill “on principle”, ha-ha. At what point in time does the word “principle” lose all meaning in FailedNation, Inc.?
Not to be missed, of course, is that the so-called CorkerKickback also benefits our putative real estate Scammer-in-Chief Der Trumper, as well as liddle Bob Corker. Yes, indeed, Old Man Utah, how DID that mystery provision get into the tax bill….? Gremlins in the machinery no doubt!
Also, too, it looks like the “filing errors” being discussed above are in Corker’s financial disclosure forms filed with the august Stooges of the Senate, not his tax returns. No scammmer with a brain takes these disclosures seriously, especially our corrupt Repubs, since there is no actual accountability for false filings made years and years ago. Just more evidence of the thoroughly corrupt nature of the (irreparably) Broken Branch.
Add Kushner to the list of Corker and Trump (and several more GOP Senators). Rental real estate property (some of it at slum-lord level) is the basis of Kushner’s family wealth.
Yes, a very Merry Christmas for these scumbags.
yes indeed, quite correct M3. This con seems to be about as brazen as it is possible to be.
They really have utter contempt for the rubes.
The best case scenario of this is that Corker’s double got caught moments reveals for even the most dedicated FOX watcher just how a Senator can cheat and get away with it and then demonstrates in black and white how the Bill was written and amended for the single purpose of robbing the middle class and pouring the coins into the pocketbooks of the wealthy. Just like deficits, consequences don’t count.
Oh, come on.
You’re kidding yourself — Conservatives have rewritten the basic rules so totally that according to them it’s good to be a rich fuckwad serving your own interests. Remember Trump during the debates when it was pointed out that he paid no taxes and he said “That means I’m smart”? Being a greedy, selfish plutocrat was one of Trump’s selling points, just like being a community organizer was held against Obama.
We’re dealing with awful, awful people, top to bottom, on the other side.
Corker made a big deal about the deficit, until he didn’t.
Magically receiving a hefty tax break worth millions not only to him but also Trump must have been an offer he couldn’t refuse. But he’s a two-faced lying sack of shit, so there’s that.
These greedy hogs are going to go ahead and vote this scam tax bill through. Some of them will retire, some will keep going, but they all anticipate letting all the shit hit the fan in eight years when the deficit is a couple trillion, and making the Democrats clean up the mess again.
It’s all because Trump wants a win. He’s going to step over McCain’s dead body to get it. The Republicans are absolutely despicable.
Now we are beginning to see reasos for Corker retiring other than a feud with Trump, which actually should incline him to stay. He’s a crook and was probably anticipating he’d get a big kickback from the tax deform. Like Daines and Johnson his pretend principled resistance was just a cover for demanding his cut.
If it were not already obvious, I think it is quite clear that we can now thoroughly debunk the myth of the deficit hawk. There are no deficit hawks in Congress. If anyone tries to make such claims again ever, they should be shouted down, as we have enough historical evidence that alleged deficit hawks will sell out at the first opportunity. Corker got his kickback. I am sure he is very proud of himself.
Jeff Flake was the other one that was supposedly a real deficit hawk. He too is retiring so he’d have nothing to lose by voting “no” but he’s also a ‘yea” vote. Another hypocritical faker.
Clear demonstration of this maxim!
Is Dean Baker’s math right? It’s a 20% deduction on pass through income, not a classify pass through income at a 20% rate.
Dean multiplies 7 Million by 20% to get 1.4 million in taxes owed, whereas pass through income treated as regular income would land him at 2.59 million (2.59-1.4=1.19 windfall).
But I don’t think that’s right if it’s a deduction. Wouldn’t it be 5.6 million of 7 million is taxable (7-7*0.2), so he’s paying 2.072 million (5.6 * 0.37). That’s still a substantial windfall, but almost half as much as Dean is saying (518k). Now if we compare it to current law, it’s a windfall of 700k.
You are correct. Dean rarely makes that kind of mistake but he did this time.
Seems awfully ham-handed. Set up?
It’s been enjoyable watching Crooked Bob spin these absurd tales of ignorance, hoping the tubes will buy it.
I have no idea how this plays nationally but here in Tennessee everyone knows Bob is a dope. The right hates him for not sucking enough Trump dong, and the left hates him because he’s a typical republican. No one has forgotten his fuckup with UAW and Volkswagen, and his self-inflicted tax troubles are equally well-known.
The big question is whether he can be shamed into voting no.
Don’t hold your breath.
What I find the most disconcerting is how cheaply our politicians get bought off. At least Corker aimed a bit higher than usual, but still even if he pulls a couple million per year on this particularly odious piece of graft, I bet the pass through loophole is got to be a lot more than that to the billionaires. According to the google, we have an $18 Trillion dollar economy. You would think these grifters would aim a little higher.
But it certainly is unusual to see a politician so blatantly taking advantage the system to personally enriching themselves without the facade of “servicing” their donors. Maybe this way is better- at least the corruption is in plain sight, not hidden behind some convoluted campaign funding mechanism.
Of course he will.
Corker is a corker. Lock him up.