Steven Mnuchin tax cut – CWEB.com

Steve_Mnuchin_swearing_in

Steven Mnuchin tax cut – CWEB.com

Treasury Secretary Steven Mnuchin unveiled his tax plan proposed by President Donald Trump.

“We want to simplify the personal tax system, lower taxes, and create economic growth.

“Small businesses would see their top tax rate go from 39.6 percent to the proposed corporate tax rate of 15 percent, said Treasury Secretary Steven Mnuchin in a Wednesday morning speech.”

If your “small business” makes more than $48,000 a year, then there is a tax cut, if this proposal is to convert tax on Schedule C (profit or loss from business) from the individual to the corporate tax rate. This applies only to sole proprietorships or partnerships. An incorporated business will have a tax cut, no matter the net income.

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