Quote:
Originally Posted by _______
The pass through provisions allowing individuals to claim the lower business tax rate seems ripe for abuse. Or just intelligent use of the rules if you prefer.
If _______ pays a 25% rate but _______,inc. 20% who wouldn’t find a way to classify their income as business if at all plausible? Every Doctor and Lawyer in the country will just turn themselves into a LLP if they haven’t already. As will a lot of other individuals.
I understand all the wheels are still in motion and the lobbyists are just getting started but this one stuck out for me. It had been hinted at all year.
I can’t find specifics on the limits for gambling losses which I assume might be of interest to some on this board. Anyone else have better luck?
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Personal service income will not be able to take advantage of lower business rates. Income earned that would typically be equivalent to wages cannot be turned into "business income" at the lower rate.
