For Big Law Partners, a Trump Tax Giveaway?
Details surrounding the president's tax plan are still sketchy. But one thing's for sure: Equity partners at the country's biggest law firms would enjoy a massive cut if the plan becomes reality.
April 26, 2017 at 04:36 PM
8 minute read
Details surrounding the tax plan that President Donald Trump announced Wednesday are still sketchy. But one thing's for sure: Partners at the country's biggest law firms would enjoy a massive cut if the plan becomes reality.
The plan would appear to cut income taxes for most Am Law 100 equity partners from a 39.6 percent tax rate to 15 percent. So, an equity partner who makes half a million dollars a year and now pays almost $200,000 in federal income taxes would instead pay $75,000 under Trump's plan.
Put another way, the average equity partner at a firm where profits per equity partner are $1 million would take home about a quarter of a million dollars more if the president gets his way.
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