Folks like me who pay from my sole proprietorship businesses 100,000s of dollars in state and local taxes are not too keen to now take on a fixed 12-20% additional Federal Income Tax with no deductions
It would be a massive tax hike for me and I already pay a base of 17,000 a year in FICA alone as a double payer self employed person
Right now you are allowed to consider interest, depreciation and local taxes as business expenses
Yep, what you said. Same for me (though the numbers are smaller). Bad plan.
bttt