• Cory S. Noeller, CPA

Democrats Promise a Tax Hike Plan


In an article published by Forbes, "This week, Congressional Democrats released a detailed tax hike plan that they promised to implement if given majority control of the House and Senate after the 2018 midterm elections."

How will this impact you?

- Increase the top marginal income tax rate from 37 percent to 39.6 percent

- This increase will also increase the taxes of 30 million companies which are organized as sole proprietorship's, partnerships, Subchapter-S corporations, and LLCs

- Increase the corporate income tax rate from 21 percent to 25 percent

- Previous corporate tax rates were sending American jobs and capital to operate in countries with better tax rates

- Bring back the alternative minimum tax (AMT) for 4 million families

- This 'additional tax' especially affected hard two-income white collar families with kids in New York, New Jersey, and California

- Cut the "death tax" standard deduction in half​

- This tax especially impacts those "companies profitable enough to worry about it but not profitable enough to not worry about"

Before you think these increases are only for businesses, or 'for the rich' and they won't affect you, remember that corporate tax hikes will directly or indirectly affect wages (specifically, the profit available for employee raises and bonuses) as well as the cost of goods and services we purchase.

Read the entire article at forbes.com

#1040 #taxpreparation #employees #businessstrategy #taxreform #tax #individualtax #IRS #smallbusiness #taxplanning

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