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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...House Rs are directing their overhaul in two specific directions, middle class earning below $200K, & corporate side, which they believe is important for growth...
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...Voters at the lower end of the middle class scale, particularly $150K & less, could very well see a tax cut. Corporations could see relief for their tax burden. What about small businesses? Depends...
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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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Replying to @DavidMDrucker
I don't want 280, but I am glad you have it.
0 replies 0 retweets 4 likesThanks. Twitter will use this to make your timeline better. UndoUndo
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