- Admin
- #1
MJ DeMarco
I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Must read article regarding Trump's proposed tax plan ...
http://www.forbes.com/sites/anthony...ent-trump-what-does-it-mean-for-your-tax-bill
While I typically don't hold much weight into a politician's promises, this might actually happen with an all-Republican congress and the fact that Trump isn't a politician. If it does, take a look at how it might benefit you.
Since many Fastlaners have S-Corps, including myself, this means I will now pay 15% instead of 40+%.
This is YUGE -- and for Fastlaners doing five and six-figures monthly, a pay raise amounting to thousands which could translate into more spending, more employees, and more capital investment.
For those of us with CORPORATIONS, watching this "promise" evolve or die is something to watch in the coming months/years.
http://www.forbes.com/sites/anthony...ent-trump-what-does-it-mean-for-your-tax-bill
While I typically don't hold much weight into a politician's promises, this might actually happen with an all-Republican congress and the fact that Trump isn't a politician. If it does, take a look at how it might benefit you.
The bigger changes under the Trump plan come in the treatment of so-called “pass through” taxation. Under current law, S corporations and partnerships do not pay entity-level tax; instead, the income is allocated to the owners, who pay the corresponding tax at the individual level, based on the applicable individual rates laid out above.
Trump, however, would provide a unified business rate of 15%, meaning not only would corporations pay tax at that rate, but all business income – even the income earned by an individual from an S corporation, partnership, or sole-proprietorship and reported on the individual’s tax return — will be subject to the same 15% rate. This means that a taxpayer earning business income would experience a drop in top tax rate from 39.6% to 15% under the Trump presidency.
Since many Fastlaners have S-Corps, including myself, this means I will now pay 15% instead of 40+%.
This is YUGE -- and for Fastlaners doing five and six-figures monthly, a pay raise amounting to thousands which could translate into more spending, more employees, and more capital investment.
For those of us with CORPORATIONS, watching this "promise" evolve or die is something to watch in the coming months/years.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.