Implode-o-Meter News - Trump to Stick to Proposed Standard Deduction Boost; 15% Corp and Pass-Thru Rate

President Trump on Wednesday plans to call for a significant increase in the standard deduction people can claim on their tax returns, potentially putting thousands of dollars each year into the pockets of tens of millions of Americans, according to two people briefed on the plan.
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Trump will call for a sharp reduction in the corporate tax rate, from 35Â percent to 15Â percent. He will also propose lowering the tax rate for millions of small businesses that now file their tax returns under the individual tax code, two people familiar with the plan said.

These companies, often referred to as "pass throughs" or SÂ corporations, would be subject to the 15Â percent rate proposed for corporations. Many pass throughs are small family-owned businesses, but they can also be large, such as parts of Trump's own real estate empire or law firms with partners who earn more than a million dollars annually. The White House is expected to pursue safeguards to ensure that companies like law firms can't take advantage of this new tax rate and allow their highly paid partners to pay much lower tax bills.

We can't say we wouldn't like these tax rates, though slim chance they get through Congress in one piece. And of they're done, they'll probably finally blow a fatal hole in U.S. finances, due to the deficit impact.

Relevant:

Trump to Stick to Proposed Standard Deduction Boost; 15% Corp and Pass-Thru Rate