Actually, it's even worse than that. From Trump's tax plan:
> Right now, freelancers, sole proprietors, unincorporated small businesses and pass-through entities are taxed at the high personal income tax rates. [...] The Trump plan addresses this challenge head on with a new business income tax rate within the personal income tax code that matches the 15% corporate tax rate
They want to change it so S-corp income gets taxed at 15%, rather than at personal income tax rates. Which is completely crazy, since every CEO in the US will be forming an S-corp and passing all income through it to get a flat 15% "income tax" rate.
> Right now, freelancers, sole proprietors, unincorporated small businesses and pass-through entities are taxed at the high personal income tax rates. [...] The Trump plan addresses this challenge head on with a new business income tax rate within the personal income tax code that matches the 15% corporate tax rate
They want to change it so S-corp income gets taxed at 15%, rather than at personal income tax rates. Which is completely crazy, since every CEO in the US will be forming an S-corp and passing all income through it to get a flat 15% "income tax" rate.