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News
December 7, 2017

In the News Today – December 7, 2017

South Carolinan Wilma Storey said in a letter to the Wall Street Journal that Sen. Lindsey Graham’s efforts to preserve a tax loophole that allows West Coasts plaintiffs’ lawyers to deduct class action expenses was a “gift” to Graham’s “number-one donor.”

The new Republican tax bill would have closed this loophole, but an amendment offered by Graham removed the language from the Senate bill. Congress’s Joint Committee on Taxation estimates that the loophole will give $500 million to lawyers over the next 10 years.

Campaign finance records show that lawyers have contributed more than $4.1 million to Graham’s Senate campaigns. This is unusual, since plaintiffs lawyers’ typically give to Democrats. Storey said the “trial lawyer tax giveaway” is “effectively helping to fund his fellow Republicans’ defeat.”

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