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C corporation new tax rates

Does the new C corporation tax rate of 21% start at $1.00 or do C corporations still start at 15% on the first dollars of net income on up to the %50,000.00 then start at the new 21%rate on up? I've seen conflicting information on this. In one place I have seen that there is a special exception for farms, but there just doesn't seem to be very much information on this.

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3 Replies
Honored Advisor

Re: C corporation new tax rates

Welcome TGM,

 

The info flash I got from accounting firm was a flat 21% instead of the graduated we had.

 

 

every earning level at the same rate.

 

Some farm and estate issues for depreciation and interest deductions etc etc 

But not on rate on income...

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Advisor

exactly the wrong direction

from the common sense reform that I've long advocated.

 

If "tax reform" was really about entrepreneurs and business formation then give them a 0 rate for the first $50K and low for the next 50.

 

If it was really about retaining earnings then have at it.

 

Of course in that scenario you're going to pay some tax someday if you're successful- but it doesn't matter if you never get there, which most don't.

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Veteran Advisor

Re: exactly the wrong direction

NOX   -  '''Excellent  analysis - response,  -  got your post card yet ?

 

It should read  TAX  auh sumpthun kinDa ,  ''vote  &  hope''-  SanTa CLaaS will get this ''HurryDuP'' bad dream event over--- 

 

Reform  ( verb)  - make changes in (something, a typically a social, political, or economic situation or practice ), in order to improve it ---

 

Reform  (noun) - the action of  reforming an institution or practice ---

 

Reform  (adjective) -of denoting, and  or pertaining to reform --- 

 

I'll let  U  pick  how a noun - verb  was turned inToo  an adjective ? ?  

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