QUORUMCALL//GPT:
Democratic Senator Elizabeth Warren is urging the Internal Revenue Service (IRS) to investigate potential abuses of tax breaks by real estate investment trusts. She expressed concern that these trusts are exploiting a provision in the 2017 tax law, possibly contributing to the housing affordability crisis.
CALL FOR INVESTIGATION
• Warren wrote a letter to the IRS, expressing her concerns about the potential misuse of the tax breaks by REITs for their own gains.
• She requested a review of the situation, including possible legislative changes that could prevent such abuses.
IMPACT ON HOUSING
• Warren argued that the misuse of tax breaks could be exacerbating the housing crisis, as REITs may be incentivized to keep properties vacant or increase rents.
• She stated that the IRS should consider the broader socio-economic impacts of these tax breaks.
TOPICS COVERED
#TaxBreaks #HousingAffordability
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