Nope. The House version is fairly complicated, but amounts to most non-service businesses treating 30% of the income as "capital return" and being taxed at 25%.

Nope. The House version is fairly complicated, but amounts to most non-service businesses treating 30% of the income as "capital return" and being taxed at 25%. The Senate plan started out as being a 17% deduction of pass-through income on 1040, and then got ramped up to 23% before being passed. It is limited to 50% of W2 wages paid by the pass-through and excludes a bunch of service industry categories, but both of those limitations only apply to businesses where taxable income is below $250k single / $500k married. I'm pretty aggressive on tax avoidance and even I'm surprised by how crazy this is. So in a hypothetical example, I'm married and earn $600k from a consulting business. After retirement contributions to a solo 401k, maybe some charitable / mortgage / property tax deductions, etc, I get my taxable income to $500k. Which means I get to deduct another 23% of the business income (23% x $600k = $138k), dropping my taxable income to $362. And the Federal income tax on that is $80k. Plus another $40k or so for SE tax. So $120k in Federal tax on $600k in income, or 20%. If you live in a no-tax state, then that's all you pay. That's pretty crazy.