Just three percent of the nation's small businesses would see a tax increase under U.S. President Joe Biden's plan to tax the nation's highest earners to help fund a $3.5 trillion spending bill, a new U.S. Treasury analysis shows.
Biden's $3.5 trillion spending plan would fund climate initiatives, paid leave, child care, education and health care by, among other things, raising the top marginal individual income tax rate to 39.6 percent.
The Treasury analysis, which focused exclusively on small businesses filing as S-corporations, partnership and individual income tax returns, found that less than 3% of small business owners fall in the top tax bracket. In 2018, married couples making about $150,000 working at their own small business paid over 20 percent of their income in federal income and self-employment taxes. By contrast, U.S. multinational corporations paid less than 10 percent in corporate income taxes on U.S. profits, the Treasury analysis found.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Biden criticizes GOP governors over opposition to school mask mandates'Some politicians are trying to turn public safety measures — that is, children wearing masks in school — into political disputes for their own political gain,” President Biden said in a White House address on Wednesday.
Consulte Mais informação »
Biden Leaps Into Fight With Republican Governors Over School Mask MandatesThough the dispute will wind up in court, the administration is using some creative ideas to stop GOP leaders from blocking mask mandates.
Consulte Mais informação »
Biden administration set to extend mask mandate for travel through mid-JanuaryThe Biden administration is expected to extend the mandate for transportation through mid-January.
Consulte Mais informação »
Actress Azita Ghanizada Blames Trump and Biden for Afghanistan CollapseActress Azita Ghanizada blames both Trump and Biden for the Taliban takeover in Afghanistan.
Consulte Mais informação »
Biden announces nursing home staff must be fully vaccinated against CovidPresident Joe Biden announced that all nursing homes will have to require all staff be vaccinated against Covid-19 to keep receiving Medicare and Medicaid funding.
Consulte Mais informação »
Biden: Troops will stay in Afghanistan to evacuate AmericansWASHINGTON (AP) — President Joe Biden said Wednesday that he is committed to keeping U.S. troops in Afghanistan until every American is evacuated, even if that means maintaining a military presence there beyond his Aug.
Consulte Mais informação »