Tax bill's 'pass-through' rule will help the rich, not employees: critics

Tax bill's 'pass-through' rule will help the rich, not employees: critics

Wealthy business owners, including President Donald Trump will undoubtedly derive benefits from a provision in the Republican tax bill, which generates a valuable deduction for owners of pass-through businesses. That’s what Democrats as well as some tax experts told.

The provision actually creates a 20% business income deduction, including some restrictions for sole proprietors and also owners in partnerships in addition to non-corporate enterprises.

Initially, it was offered by Republicans as a way to help small businesses and generate jobs. However, the final formula for figuring out what types of businesses can benefit has extended to take in businesses with few, if any, employees, critics stressed.

Being a real estate developer, this week Trump is on the verge of signing the Republican tax bill into law that would give Republicans their first major legislative win this year.

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