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GOP Tax Cuts' Law Firm Exclusion Could Bring Pushback

Law360, Grand Rapids (November 3, 2017, 8:02 PM EDT) -- The Republican tax bill proposed Thursday offers some relief to most businesses set up as partnerships, with a capped 25 percent tax rate on certain income they generate, but a carveout excluding professional services firms will leave many law firm partners paying far more, potentially creating a good deal of pushback.

Under the proposed legislation, pass-through entities such as partnerships, LLCs or S corporations are eligible to pay the capped 25 percent tax rate on a portion of their revenue share — usually 30 percent —...
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