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Legislation: The bill would reduce the rate for passthrough business income to 25 percent. Business owners could choose to categorize 70 percent of their income as wages, subject to ordinary rates, and 30 percent as business income, taxable at the 25 percent rate. The alternative is to set the ratio of their wage income to business income based on the level of their capital investment. Professional service firms, such as doctors, accountants, and lawyers, couldn’t take the 70/30 split and could only avail themselves of the preferential rate based on capital investment.
Current Law: Income earned through partnerships and S corporations is passed through to the partners or shareholders and taxed at ordinary income rates.
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