What sucks is that corporations get a much bigger cut than small businesses.
I agree, but small business that use passthrough will be exempt on their first $75k in income. It helps.
The big key is bringing back major industry. That is already happening due to the elimination of so many Obama era regulations. Add in immediate expensing for five years and a low rate on profits made overseas and that should should bring hundreds of billions back into the U.S. economy. There is a minimum of $2.5 Trillion dollars in oversea profits American corporations are hoarding overseas simply to avoid paying 40% taxes on them.
Burger king moved its’ corporate filings/headquarters from Florida to Canada to avoid corporate income tax. Canada has a corporate income tax of 15%.
EATON moved their filings to Ireland for the same reason. Now we have every corporate decision of a multi-billion dollar conglomerate made in Cleveland, OH, but not one dime of income earned from overseas comes into this country from this company. Taxes are paid overseas and profits are held in foreign bank accounts.
Thousands of American companies have done this over the past decade. Stopping & reversing Corporate Inversion is essential in keeping the U.S. as the leading economy in the World.
I run my own business and I have the option of operating as a corporation or a sole proprietorship. Even with the tax advantages a corporation has, it’s still more cost-effective NOT to be one in my particular situation.