New scam replaces the old scam.
Guess who loses?
Inflation will be the winner.
If you file an S corporation/ LLC you will need to file 2 tax returns; 1120 and 1040. Additionally you need to pay the annual report and renewal fees for the corporation. Another expense to pay to the state and accounting an legal costs -- this is deductible however.
Quote:
The legislation leaves the top individual rate at 39.6 percent. But after $1 million of income for individuals and $1.2 million for married couples, a tax rate of 45.6 percent would kick in.
The so-called bubble rate would go away once the taxpayer has given back the benefits received under the 12-percent tax rate that applies to the first $45,000 of income for individuals and $90,000 for married couples.
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Republican tax bill creates new bracket for the wealthy | TheHill
Whats with the disparity in the single/married bracket income between the highest and lowest tax bracket?
Trump wants to throw in an amendment to repeal Obamacare in the tax bill too -- a backdoor deal breaker -- that will stall this so called ''tax reform'' or possibly kill it.