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Hospitality and Gambling Interests Delay Closing of Billion-Dollar Tax Loophole
The New York Times: WASHINGTON — In the span of a mere 11 days this month, $1 billion in future federal tax payments vanished.
As congressional leaders were hastily braiding together a tax and spending bill of more than 2,000 pages, lobbyists swooped in to add 54 words that temporarily preserved a loophole sought by the hotel, restaurant and gambling industries, along with billionaire Wall Street investors, that allowed them to put real estate in trusts and avoid taxes.
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