TAX PROPOSALThe Republican-backed tax proposal announced last week addresses concerns of some small business groups but also raises questions that it could create a tax loophole for wealthy people. Under the GOP proposal, the tax rate on the businesses known as pass-throughs would be 25 percent. The Small Business Majority said the plan would not help most small companies. The plan would simplify business taxes, encourage business investment and increase owners' confidence, the Small Business & Entrepreneurship Council said. The overall tax proposal faces an uncertain path through Congress although it has the backing of GOP leaders and President Donald Trump.

Source: ABC News October 02, 2017 15:00 UTC