The nations wealthiest are poised to take advantage of a loophole left by the GOP tax plan
Republicans marketed it as a "small business tax cut."
REBEKAH ENTRALGO APR 23, 2018, 4:03 PM
The non-partisan Joint Committee on Taxation released a report Monday detailing the effects of the GOP tax bill, ahead of a Tuesday Senate hearing on the same subject.
The findings indicate that nearly 44 percent of the tax cuts for so-called pass-through businesses will go to tax filers making more than $1 million in 2018, while more than 90 percent of the cuts will go to those earning more than $100,00.
As ThinkProgress previously reported, even though Republicans repeatedly claimed their tax plan would provide cuts for small business owners, pass-through businesses are not small businesses in the mom-and-pop sense, but rather are entities like partnerships, S-corporations, and limited liability companies (LLCs).
The final version of the GOP tax bill transformed the pass-through tax break into a deduction against taxable income, effectively cutting the top rate on pass-through income down from 39.6 percent to 29.6 percent.
https://thinkprogress.org/wealthy-are-poised-to-take-advantage-of-tax-loophole-6ee3c93fc0bc/
And how many mrtgages are through LLC's.......................like Blackrock.
