Wall Street money managers love to purchase fancy airplanes.

Thrive Capital Management, the venture capital firm run by Jared Kushner’s brother Joshua, bought a used Bombardier Challenger 300 earlier this year. Hedge fund manager Harsh Padia bought a used Bombardier Global Express last spring. Lincoln Avenue Capital, a real estate fund founded as an affiliate of the Matthew Bronfman family office, bought and registered a used Bombardier 600 just days before Christmas.

While wealthy people buying airplanes is nothing new, the Republican-led tax overhaul provided a new incentive.

It’s not clear whether any of these money managers had this in mind when they bought their jets, but a provision in the new tax law caps deductions of so-called “excess business losses,” meaning that some investors can face sizable tax bills on personal income that they previously would have offset.

So some tax experts have found a way around the excess business loss cap, which was projected to raise $150 billion over 10 years -- by advising their clients to buy private planes. It’s an expensive purchase that can cost as much a $67 million but can arguably be used principally for work -- unlike, say, a yacht or a mansion in the Hamptons.

The prospect of using this workaround to buy private planes risks undermining Republican efforts to use the tax overhaul as a selling point in the 2020 elections, when the White House and both chambers of Congress will be in play. Polling shows Americans are about evenly split on whether they believe the Democrats -- who say the new tax law chiefly benefits the wealthy -- or the GOP, which argues that it’s a boon to the middle class.

The recent airplane buyers won’t say why they decided to make such a big purchase this year. Still, “it’s logical not to waste a loss,” said Michael Kosnitzky, a tax lawyer.

Jesse Derris, a spokesman for Thrive Capital, declined to comment. Padia and Lincoln Avenue Capital didn’t respond to repeated requests for comment.

The biggest tax-code rewrite in a generation slashed rates for businesses and individuals, and sought to fulfill a campaign promise from President Donald Trump to get “the hedge fund guys to pay more taxes.”

The new law made it harder for managers at hedge, private equity and venture capital funds to get the preferential rate of 20 percent (plus 3.8 percent for the Affordable Care Act levy), rather than the top rate of 37 percent, on a key source of compensation, known as carried interest -- typically 20 percent of a fund’s profits. The law triples the time to three years that investors must hold their underlying investments.

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