that in effect a corporation, so you pay the 21%, the new corporate tax rate, is that right? is that why the benefit is most likely to come to him? >> the passthroughs are an idea where you take business income, whether it's a partnership or an s-corporation or could be real estate or some industry, and you pass through the business profits to the owners. the idea was to make sure that business incomes are taxed at the appropriate rate. the rate at which the owner should be taxed. if they're a high income individual, taxed at a high rate, if they're low income individual, taxed at a low rate. it was an innovation to try to get things right. when they changed the rates, however, there are winners and losers. among the winners are anybody with a passthrough structure because we have lowered the rate on that. >> that includes real estate developers. which of course the president is. >> it includes real estate developers. >> which the president often reminds us he is. robert, the claim here from