The Senate Tax Reform Bill Cuts Rates For Small Businesses And Flow Through Firms

Certain kinds of businesses — partnerships and "S" corporations — are allowed to "pass through" their profits to their owners, who then report the revenue as personal income and pay tax accordingly. The upper rate used to be the top individual rate, 39.6%. Under the House plan, the pass-through maximum rate would drop to 25% for qualifying owners. The Senate is less generous, but still would offer a rate no greater than 32%. Either way, it sounds like welcome tax relief for hardworking entrepreneurs, right? Actually, the proposals plant a massive kiss on the mugs of the idle rich.

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