Business Report: Issues in the Republican tax plan - Hawaii News Now - KGMB and KHNL

Business Report: Issues in the Republican tax plan

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HONOLULU (HawaiiNewsNow) -

Democrats are attacking the Republican tax plan. So you may assume, any problem with it, you've heard about, in those attacks. But issues are arising that are not yet widely discussed.

You've heard Democrats say millions will actually pay more in personal income taxes. But even the corporate tax part of the plan has an issue.

More than 80 percent of tax filers with small business income are already taxed at 25 percent or less. So only the wealthiest business owners would actually get a tax cut. This is the kind of stuff the tax writers are wrestling with behind the scenes.

Even trickier is how you define what a business is. On paper at least, most U.S. businesses are single-person enterprises.

The difference between Uncle Howard, Sunrise employee, and Uncle Howard a company, supplying services to this show, is that as a company, I would have a lower tax rate. I don't do that, but many professionals do.

So are they companies or not? And how do you write that in a law? And that's Crisis at a Glance.

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