A local congressman who’s already among the wealthiest U.S. lawmakers stands to become even richer after he and other Republicans pushed through a sweeping rewrite of the tax code through Congress.
The overhaul includes breaks for the real estate and automobile industries that generate most of Rep. Vern Buchanan’s income. Buchanan, worth at least $80 million, sits on the House committee that played a central role in crafting the tax-cut plan.
While Trump and Republican allies have billed the law as a victory for the middle class, the $1.5 trillion package provides the most significant tax cuts for corporations and the most prosperous Americans.
Buchanan’s office says the tax overhaul “isn’t about Vern” but is instead “about the tens of thousands of small businesses that have been unfairly penalized by high taxes.”