Phoenix68
Well-Known Member
- Joined
- Mar 12, 2022
- Messages
- 12,519
"Republican Sen. Ron Johnson has acknowledged that a major provision he fought to insert into former President Donald Trump's signature 2017 tax bill helped his old plastics firm and many others financially.
What he didn't say was how much it could be benefiting members of his family.
The provision gave a huge tax cut to companies called "pass-throughs" — limited liability companies and other firms that pass all their income onto the owners or investors. Companies structured this way, often small, family-owned businesses, are not subject to corporate income tax.
Records show that Johnson's three adult children are the beneficiaries of a family trust and are listed as managers of about 10 companies registered with the state Department of Financial Institutions. Many of the companies also list Johnson's wife, Jane, as a manager.
Those LLCs and the family trust own about two dozen properties around the nation with assessed values of $21 Million, according to a Milwaukee Journal Sentinel review of property records and other documents."
What he didn't say was how much it could be benefiting members of his family.
The provision gave a huge tax cut to companies called "pass-throughs" — limited liability companies and other firms that pass all their income onto the owners or investors. Companies structured this way, often small, family-owned businesses, are not subject to corporate income tax.
Records show that Johnson's three adult children are the beneficiaries of a family trust and are listed as managers of about 10 companies registered with the state Department of Financial Institutions. Many of the companies also list Johnson's wife, Jane, as a manager.
Those LLCs and the family trust own about two dozen properties around the nation with assessed values of $21 Million, according to a Milwaukee Journal Sentinel review of property records and other documents."
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