Their income taxes may go up but their corporate rate goes from 35% to 9% and can expense investments immediately. Overall their taxes go down and their tax preparation becomes non existent.
Pray for America
But the amount they get taxed on goes up far more. Say I'm a company with a profit margin of 10% that doesn't operate in an 'Opportunity Zone' and half my costs are labor expenses. Where before I may have paid taxes on 10% of my total income, now I'll pay taxes on 60% or more of my total income. If my revenue was a billion dollars before then at worst I would pay $35 million in taxes on my $100 million on profits. Under 9-9-9 I could be paying 9% in taxes on $600 million or more in revenue. That's $54 million in taxes or more. Where is that good for business?