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RSS FeedsSenate´s `Pass-Through` Tax Cut Favors Biggest Businesses and Wealthiest Owners
(WorldNews Politics)

 
 

14 november 2017 17:30:16

 
Senate´s `Pass-Through` Tax Cut Favors Biggest Businesses and Wealthiest Owners
(WorldNews Politics)
 


The tax bill that the Senate Finance Committee will consider this week includes a tax cut for `pass-through` businesses that`s heavily skewed to the biggest businesses and the wealthiest business owners. Pass-through income is income from businesses such as partnerships, S corporations, and sole proprietorships that business owners claim on their individual tax returns and that`s taxed at the same rates as wages and salaries. The bill would let business owners deduct 17.4 percent of their pass-through income from their taxable income, meaning that that amount would be tax free. The plan imposes some restrictions for service businesses and limits the...


 
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