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The plan did not shed any clear light on what had been reported to be another component of the Trump administration’s tax plan. That bigger change—the Wall Street Journal’s excellent tax writer Laura Saunders calls “radical”—was reported to be cutting the top tax rate to 15 percent from 39.6 percent on business income collected by people running owner-operated businesses known as “pass-through entities.” These are people with ownership stakes in firms like sole proprietorships, partnerships and a popular form of ownership for privately held companies, called an S-Corporation.
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