President Donald Trump’s tax blueprint unveiled Wednesday contains a provision that would benefit law firms.
Under the plan, corporations that currently pay a tax rate of 35 percent would see their rate slashed to 15 percent, the New York Times, the Washington Post and the Baltimore Sun report. The lower rate would also apply to pass-through entities such as hedge funds and large partnerships.
Many large law firms are organized as pass-throughs, the Wall Street Journal (sub. req.) explains in an article previewing Trump’s likely plan. Income and deductions for pass-through LLCs and partnerships pass through to the owners’ individual returns.
