On the surface, I agree with Johnson. I am an S-corp. But I ran my numbers through a tax calculator for the proposed plan, and my taxes from 2016 would have been $8000 less under the new plan, even with the pass-through rate taxed at personal income levels rather than corporate tax levels. If they extended the 20% corporate rate to me as a service s-corp, I would have saved $50,000
Thank you for sharing that. Toomey said on Hewitt’s show this morning that Johnson was correct regarding S-corps, LLCs, etc., but the “problem is not easily solvable.” TRANSLATION: they need your tax revenue to pay for the big cuts for corporations. Same with individuals - they need our tax revenue.