Apparently we are going to 35% and there is NO help coming.
Right now it is 33%.
And from what I understand we will be losing some deductions.
NOT the tax cut promised.
Not completely true, since there is a 20% exemption involved.
Pass-Through Deduction
Current law: Pass-through businesses, which include partnerships, limited liability companies, S corporations and sole proprietorships, pass their income to their owners, who pay tax at their individual rates.
Proposed: Owners could apply a 20 percent deduction to their business income, subject to limits that would begin at $315,000 for married couples (or half that for single taxpayers).