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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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