Details surrounding the tax plan that President Donald Trump announced Wednesday are still sketchy. But one thing’s for sure: Partners at the country’s biggest law firms would enjoy a massive cut if the plan becomes reality.
The plan would appear to cut income taxes for most Am Law 100 equity partners from a 39.6 percent tax rate to 15 percent. So, an equity partner who makes half a million dollars a year and now pays almost $200,000 in federal income taxes would instead pay $75,000 under Trump’s plan.
