Some small businesses not happy with the proposed GOP tax bill
Some small businesses not happy with the proposed GOP tax bill
The GOP tax bill is under a microscope as tax analysts, lobbyists and accountants try to figure out what the proposed changes will mean. One of the details that may lead to a fight is how the plan treats so-called “pass-through” businesses, privately held companies that make up 95 percent of U.S. businesses, whose profits are taxed at the owner’s income rate. Today, that income tax rate can be almost 40 percent. The GOP plan would lower that rate to 25 percent, but not for everyone.
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