Senator Johnson recently sat down with The Wall Street Journal for an interview regarding his ideas for tax reform. Simply put, “this entails cutting taxes on corporations while raising them on shareholders. Citing studies that find corporate taxes are partly borne by a company’s workers, Senator Johnson says that ‘Rather than make the employees pay the tax, let the owners pay the tax,’ he says, referring to it as ‘a true Warren Buffett tax’.”
“Senator Johnson would like corporate shareholders to be taxed at the same rate as ‘pass-throughs,’ entities such as limited-liability corporations, whose profits are taxed in the hands of the owners at individual rates. The corporation itself wouldn’t owe tax. Instead, it would notify each shareholder of its share of annual profits and then forward that shareholder’s estimated tax to the Treasury.”
To read the article in its entirety, follow the link below.
A Plan B for the GOP: Raise Warren Buffet's Taxes
Wall Street Journal
March 8, 2017