7 professions that are going to win big from tax reform

House and Senate Republicans have worked out a final tax plan, which includes a 20% deduction for pass-through businesses.Business Insider's Pedro Nicolaci da Costa wrote this will "disproportionately benefit the wealthy" by allowing rich business owners to avoid higher individual tax rates. Small Business Labs estimates the plan's pass-through policy will only benefit top earners.The finalized Republican tax plan throws a 20% tax deduction the way of pass-through businesses.Pass-through businessesincluding LLCs and S-corporationsdon't pay corporate taxes. Instead, income "passes through" to the owner, who then pays taxes on the earnings.The House initially proposed a 25% deduction, while the Senate's initial plan called for a 23% deduction.The measure has been criticized as a huge boost to the 1%. According to Small Business Labs, this provision stands to benefit only the wealthiest of pass-through business owners, and will not likely apply to highly-paid professionals who run "service firms," including doctors and lawyers.Business Insider's Elena Holodny reported the wealthiest American households "stand to benefit handsomely from the plan," with a$10 million household income receiving an annual tax cutof over $200,000.Here's a look at some occupations that are likely to benefit most from the plan:SEE ALSO:Here's what Trump's tax plan means for people at every income level from $20,000 to $269,000 a yearDON'T MISS:Here's what Trump's tax plan means for people working in finance who make between $40,000 and $139,000 a yearHedge fund ownersAs a presidential candidate, Donald Trump blasted "the hedge-fund guys," who he claimed were "getting away with murder," Business Insider reported."They're paying nothing, and it's ridiculous. I want to save the middle class," he said, in an interview with CBS.But Small Business Labs estimates the owners of "very profitable" hedge funds will see a major tax cut.Private equity firm ownersSmall Business Labs estimates the owners of "very profitable" private equity firms will see a major tax deduction.Real estate development fund ownersSmall Business Labs reporters the owners of "very profitable" real estate development firms will also benefit from the plan.See the rest of the story at Business Insider
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