Interesting feedback coming on the House GOP tax bill. On whether it benefits the middle class vs. the "rich"? I've talked to several wealthy Republicans crunched #s and don't see it as a give-away to them...
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Many businesses won't be eligible for the 25% small biz "Pass Through" rate. Run a white collar professional services biz, like a law firm, consulting firm, architecture firm, etc? YOU DON'T GET the lower rate...
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...Republicans were politically sensitive about giving tax cuts to white collar professionals who make a good living, so they were excluded. Plus, needed to find ways to pay for the other cuts. But...
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...What if you run a business built around a blue collar trade, like plumbing or electrical work (electrician)? Then you're in luck, you get the 25% "Pass Through" rate, with one CAVEAT...
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...The GOV'T is only going to let small businesses that qualify for the 25% rate declare it on 30% of their profits. Gov't will treat other 70% of profit as income & it will be taxed at potentially very high individual rate. Businesses won't have a choice in the matter, UNLESS..
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...They participate in gov't approved investments & buy equipment or other things that qualify for tax deductions or special treatment. Side note: This won't be simple & you'll still need accountants to figure it all out. END.
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End of conversation
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‘Lower end of the middle class scale’ includes $150K?
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So I am not even at the lower end of middle class? I am considered poor. Than why can’t I receive food stamps & housing help? I pay at least 23% in taxes.
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