WestVirginiaRebel Posted September 25, 2017 Share Posted September 25, 2017 Wall Street Journal WASHINGTON—Today, a business owner making $500,000 gets taxed much like a corporate executive with a $500,000 salary. How they make their income doesn’t matter much. That could change dramatically under Republican plans aimed at driving down tax rates on business income, leaving high-income wage earners with much less to gain from a tax overhaul. Republicans, eager to drive down business tax rates in a bid to boost economic growth, want roughly similar tax rates for corporations and for so-called pass-through firms that report business income on the individual tax returns of their owners. For them, lowering the 35% corporate tax rate requires also lowering the 39.6% top rate for pass-through business income, even though creating a new special rate for that business income leaves a potentially large gap with the top rate for high-income wage earners. The exact contours of the GOP tax agenda aren’t set. Top lawmakers and administration officials say they will release another blueprint in the coming days. ________ When a plan isn't a plan? Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now