Organization Ronald H & Jane K Johnson LLC
Minimum Value $5,000,001
Maximum Value $25,000,000
Organization Pacur LLC
Minimum Value $1,000,001
Maximum Value $5,000,000
First, it’s important to understand how an LLC is structured according to tax law. Unlike a corporation, LLCs are not taxed as a separate business entity. Instead, all profits and losses "pass through" the business to each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just like the owners of a partnership.
At the heart of the debate is whether to more favorably treat small businesses and other so-called pass-through entities — businesses whose profits are distributed to their owners and taxed at rates for individuals. Seventy percent of pass-through income flows to the top 1 percent of American earners...
Two Republican senators, Ron Johnson of Wisconsin and Steve Daines of Montana, have said that they will vote against the plan if it does not do more to help the owners of those businesses, possibly by increasing the individual income tax deduction for such owners from the 17.4 percent rate currently in the Senate bill.
Would someone with much more journalistic authority put that in a headline?
I know what he will answer, that the tax break will be no benefit to him (he has said this is several instances) as he takes no income from the LLCs.
Then, please follow-up as to if he will ever take income from them, he still owns them (kinda like Steve Jobs took a dollar salary, but still did pretty well)?
Senator Ron Johnson is is looking at a tax bill that raises taxes on middle and working income Americans, and is refusing to vote for it unless it makes him richer.