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Trump Tax Plan Not Great for Entrepreneurs

Forbes

It’s no secret that President Donald Trump takes pride in his gift for leaving people guessing. Take, for instance, his proposal to cut taxes for pass-through businesses to 15 percent. He pitched it last year as part of his campaign, but then in the fall it was gone — and then it was back, if only when he was talking to small business groups.

Now it really is back, as part of the tax cut plan the White House unveiled on Wednesday, but with the same question it raised when it first appeared last year: how many business owners will actually get a tax cut? And the answer seems to be the same. Many, perhaps a majority, will not. And it’s possible some could actually face an increase.

Currently, about 29 percent of taxpayers reporting business income on their personal taxes currently fall in the 15 percent tax bracket — meaning they’re already paying 15 percent on their business profits — according to an estimate by the Tax Policy Center. Another 38 percent of taxpayers are in brackets below 15 percent — either 10 percent, or zero, because they’re reported a loss.

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