The giveaway, primarily to real estate investors and hedge funds, is larger than the total amount in the legislation for hospitals ($100 billion) and for relief for all state and local governments ($150 billion). Worse, the bonanza for these millionaires and billionaires has little to do with the coronavirus: It lets them offset losses not just from 2020 but from 2018 and 2019, before the pandemic.

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Of course, we don’t know for sure how Trump could benefit. As you may have heard, he won’t release his tax returns. But we know that the Trump Organization includes hundreds of “pass-through” entities, the type of corporate structure that benefits from the new tax break. We also know that Kushner and his wife, Ivanka Trump, have been involved in hundreds of such entities. The windfall is particularly of use to pass-through businesses that lost money in 2018 and 2019 — when the economy was booming but many Trump properties had declining revenue because of Trump’s radioactivity.

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