It eliminates the deduction for state and local taxes. That would hurt 40 million people, primarily residents in high-tax states like California and New York. It would add $1.3 trillion to federal revenues.
Yes but it also heavily cuts taxes on corporations and other highly taxed individuals.
Rep. Kevin Brady also confirmed this would add nearly 1.5 trillion to the debt over ten years.
Highly taxed (39.6%) "individuals" will receive nothing in this plan. They will see an increase if they live in a state with income tax.
Bill, my company is an LLC, how will the new plan affect me?
I think LLC income is taxed as personal income, so I don't think there would be a lot of change. If there was, everyone would magically become an LLC, which takes $150 and about 15 minutes.
I think it depends, We filed an election as being taxed as an S Corp.
WM Hunter "Trump literally sacrificed himself, his family and all of his businesses for this country. He literally is a true American hero. And True American Patriot - warts and all."
