ProPublica recently dug into the numbers behind how business owners benefited from tax changes in the Tax Cuts and Jobs Act signed into law by President Donald Trump in 2017. Essentially, it notes that some people were able to transfer some of their income from higher-taxed salary rates to corporate profits, which saw tax rates reduced by a bigger margin.
I am neither a tax expert nor an employer, so I'm not going to get into the questions raised in this story, but I will say that it's an interesting read.
One of the people mentioned in the story is David MacNeil, the owner of MacNeil Automotive Products Ltd., the injection molder and thermoformer of WeatherTech car accessory products based in Bolingbrook, Ill. MacNeil invited ProPublica reporters Robert Faturechi and Justin Elliott to a WeatherTech plant where he defended his salary cut as a way to put more money back into the company and employ more American workers.
"MacNeil defended his wage drop and said he used the tax savings to create more jobs: 'You want me investing in my country — my fellow Americans? Get out of my pocket,'" Faturechi and Elliott wrote.