Tax rates not as rosy as new act predicted

BY EDMUND E. BROBESONG

The Tax Cuts and Jobs Act of 2017 has been touted as the largest tax overhaul since the Tax Reform Act of 1986. Furthermore, the legislation was described as a major tax cut for businesses (i.e. corporations) and a minor tax cut for individuals. However, not every corporation will get a tax cut. Rather, many small businesses run as corporations will actually get a significant tax increase.

Based on the old law, a corporation had graduated tax rates; namely, 15%, 25%, 34% and 35%. However, corporations with taxable income ranging from $335,000 . . .

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