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Trump Tax Provision Gives $17B Break to Millionaires
https://politicalwire.com/2018/04/23/trump-tax-provision-gives-17-billion-break-to-millionaires/Trump Tax Provision Gives $17B Break to Millionaires
April 23, 2018 at 6:28 pm EDT
By Taegan Goddard
A congressional report finds the wealthiest Americans will benefit the most from President Trump’s tax deduction for owners of “pass-through” businesses, NBC News reports.
“The deduction, which ranges up to 20 percent, will shower $40.2 billion in tax breaks on owners of pass-throughs — largely businesses owned by an individual or a partnership, or those ‘S’ corporations that kick income and losses to shareholders for tax purposes — in 2018, the Joint Committee on Taxation estimated. The provision was included in the larger overhaul of tax rates enacted in December.”
“The deduction, which ranges up to 20 percent, will shower $40.2 billion in tax breaks on owners of pass-throughs — largely businesses owned by an individual or a partnership, or those ‘S’ corporations that kick income and losses to shareholders for tax purposes — in 2018, the Joint Committee on Taxation estimated. The provision was included in the larger overhaul of tax rates enacted in December.”
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* led by the notorious & inglorious Comrade Casino, republican Draft-Dodger-in-Chief
