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Wednesday, October 5, 2022

Tax Increases Coming for Small and Medium Businesses

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Here’s what is being considered:

  • Replace the flat 21% corporate tax rate with a progressive rate structure from 18% up to 26.5%.
  • Increase the top individual income tax to 39.6% for individuals making more than $400,000 and married couples filing jointly making more than $450,000.
  • Increase the capital gains tax rate to 25% for certain high-income individuals.
  • Expand the 3% net investment income tax to the investment income of all taxpayers making more than $400,000, effectively increasing the capital gains rate for those taxpayers even more.
  • Increase taxes on multinational corporations earning profits abroad, including a minimum tax, to discourage offshoring.

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