S Corps, and Sole Proprietorships are going to get screwed under GOP Plan

[Penelope]

Change #3: Reduce the tax on S corporations, partnerships and sole proprietorships to 25%.

Many taxpayers run their businesses as S corporations, partnerships, and sole proprietorships. Under current law, no tax is levied on these businesses at the entity level; rather, the owner pays the tax on his or her share of the business income at the individual level, where as discussed above, the rates can rise as high as 39.6% under current law.

Under the framework released today, the business income allocated to these business owners would not be subject to progressive individual rates, but rather a flat rate of 25%.

https://www.forbes.com/sites/anthonynitti/2017/09/27/release-of-gops-long-awaited-tax-plan-reveals-exactly-why-tax-reform-is-so-hard/#b96b5e64597f



Under the new plan, not progressive, not treated like ordinary income. They didn't pay 25% unless our AGI was over 75,901 under the progressive tax plan.


Under the new plan one pays 25% if income is over 90,000, but if its business income they pay 25% on all.

 

[Pete7469]

Still better that the whole country getting fucked over because of the meat puppet ******'s plans.

 

[Penelope]

Still better that the whole country getting fucked over because of the meat puppet ******'s plans.

Are you out of your mind. This is not a plan for small businesses. Screw the small man but give to the rich. Many many people will get screwed by this.