There are twenty candidates left vying for the Democratic nomination for President. Each of them have (or better have) a tax plan. Let's take them on one-by-one, starting with Bernie Sanders.
Sanders takes a page from a long-standing proposal by former President Obama to cap the maximum benefit of itemized deductions at 28%. Thus, under the Sanders proposal, a taxpayer could pay 59.8% on their last dollar of income, but receive a deduction of only 28% on their last dollar of itemized deduction.First things first: it's not a"loophole." It's just the law. It's been this way for 60 years.
First, you can operate a business directly, without an S corporation, and say you earn $2 million...all of the income will be subject to self-employment tax; the first $132,900 at 12.4%, and the full $2 million taxed at 2.9%. Of course, the IRS can argue that your $100,000 salary was not high enough, and recharacterize some of your distributions to income and collect the payroll tax. But pay yourself"reasonable compensation" and the rest comes out without payroll taxes; not by virtue of a sneaky"loophole," but rather a well-worn and widely-known subtlety of the law.Sanders plan would subject all S corporation income to self-employment tax, though it does not state that in any coherent fashion.
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