Really bad for me on first look.
Flat 15% on S Corp and then cutting out my 1040 deductions for home business expense.
Going to cost me at least another $7-10K.
Thinking about restructuring or just working for someone.

I'd like to see the full text when it goes through, but for now I'm against it.

Do you have a link to the details?

There are not really any specifics other than:
- lowering the corporate tax rate to 15%
- removing deductions except for homeowners and parents
- restructuring the tax brackets (not explained)
- doubling the standard deduction

Whether it will hurt or help is all speculation so far due to lack of specifics.

No, just what he and others have said today.
No official details published yet nor voted on.
I'm just wanting to know if I should switch business from my S Corp to a sole proprietorship.

Woohoo! That's AWESOME! We don't have income tax, so it won't effect us. But in all these other blue states, the rich will flee like crazy! Everybody smart, rich, and successful will leave and head to red states. EPIC!

Simplification would be nice...I'd be happy with a flat tax and no deductions.


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I would love a flat 15% tax, even without deductions - for everyone. You make $100 pay $15 bucks, you make $1,000,000 pay $150K.

No earned income credit either - no way people should get more than they put in. Sorry, I think everyone should have skin in the game. People pay attention to government waste when it's "their money".

A flat 15% tax would be outstanding. We bumped up into the 25% bracket last year and I had a tough time getting it down to 20% even with all of our deductions.

Your personal deductions will double and, in essence, the first $24,000 you make will be tax free.

The details are supposed to be beneficial for small to mid-sized businesses.

I do NOT think the tax code should be used to incentivize or punish certain behaviors. That's what it currently does, by the way.

Rich people hide money all over the place and have high paid accountants who know the loopholes. So they pay a lot LESS than they're supposed to. Poor folks (about 47% of the nation) pay ZERO into the system. That leaves the middle class to get stuck with paying a huge % of our income in taxes. That's bullshit.

Flat income tax. No loopholes, no hidey holes, no deductions - just a flat out income tax of X %. Everyone pays. Rich, poor, middle class. Everyone pays in the same %. You earn it, you report it, you pay the %. Can be done on a postcard.

That would also save you hundreds of dollars and a lot of time filing.

Not enough details for me to have an opinion one way or another really. Cant say for sure if it will be good or bad for me personally.

I have always liked the idea of a flat rate rate though.

I don't care if it's good or bad for me personally. I care that it's good for America, because if it is, then by extension it's good for me.

So far good for me. Lowering the pass though income to be taxed at 15% would be huge!

Devil in details.

Why not ditch income tax all together and move to a flat national sales tax? Tax the spending not the earning. Seems like it would incentivize saving and investing.