The Trump Tax Reform's Pass-Through Boondoggle

Here's an interesting passage from the "Unified Framework for Fixing Our Broken Tax Code" released Wednesday by the White House and Republican congressional leaders:

These are what are called pass-through entities. Most are in fact small. But many aren't, and most of the income earned by pass-through entities goes to the big ones. Consider one partnership that's been in the news this week, the Dallas Cowboys Football Club Ltd., which has annual revenue of $840 million and an operating profit of $350 million, according to Forbes. Jerry Jones, the primary owner, has a net worth of $3.8 billion, according to the Bloomberg Billionaires Index -- which puts him about $100 million short of the global top 500 but does make him wealthier than 99.9999 percent of Americans (among them President Donald Trump, whose net worth Bloomberg puts at $2.9 billion). Overall, 69 percent of income from partnerships, which includes limited liability companies, and 66.9 percent of S corporation income goes to those in the top income percentile,1506534281816 the Treasury Department estimated in 2015. (The percentage for sole proprietorships was just 16.2 percent.)