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White House Releases Tax Plan

Proposal would slash pass through rate to 15%.

Dome cap.gifWASHINGTON, D.C., April 26, 2017—The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today thanks the White House for releasing details on President Trump’s comprehensive tax plan. Among its numerous provisions, the plan would significantly cut both the corporate tax rate and the tax rate for pass through businesses to 15%.

“The Big ‘I’ strongly supports simplifying the tax code and lowering tax rates for small businesses,” says Robert Rusbuldt, Big “I” president & CEO. “We are grateful that President Trump and his administration understand the vital role that small businesses play in the American economy and thank them for their thoughtful work on this tax reform plan. Lowering the pass through rate to 15%, coupled with the lower corporate rate, will allow our members to thrive and grow their businesses all across the country.”

The Trump plan would cut the income tax rate paid by public corporations from 35% to 15% and reduce the top tax rate by pass-through businesses, including many small partnerships and sole proprietorships, from 39.6% to 15%. The plan would also cut the number of individual income tax brackets from seven to three, with a top rate of 35% and lower rates of 25% and 10%.

“The Big ‘I’ has consistently supported the concept of wholesale reform of the tax code with the stipulation that any proposal fairly address rates for small businesses along with corporate rates and this proposal does just that,” says Charles E. Symington, Big “I” senior vice president for external and government affairs. “The majority of IIABA member businesses currently file at individual tax rates since they are organized as pass-through entities such as Subchapter S Corporations, Partnerships and Sole Proprietorships. The Big ‘I’ looks forward to continuing to work with both the White House and Congress to make sure that any tax reform enacted into law continues to create this level playing field between small businesses and large corporations.”

Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.

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