Now with congressional Republicans drawing closer to passing a package of $1.5 trillion in net tax cuts, mostly for corporations, Mendlowitz reckons he may soon be doing the reverse. They are fundamentally aimed at making big corporate tax cuts permanent and shifting to a territorial system in which only domestically generated income would be taxed. The House tax bill passed in mid-November, the Senate’s in the wee hours Dec. 2 by a narrow 51-49 vote. For pass-through owners in the highest tax bracket, that means their effective tax rate would be a little less than 30%. It keeps the 39.6% marginal tax rate for individuals, but sets a new top rate of 25% for pass-throughs.

Source: Los Angeles Times December 10, 2017 15:02 UTC