Aug. 24, 2021—Ninety-seven percent of small-business owners will not face an income tax increase if President Biden's tax plan becomes law, Yahoo! reported.
President Biden is seeking to raise taxes on corporations and the wealthiest Americans to help fund a $3.5 trillion plan that would include major investments in education, child care and the fight against climate change.
The tax plan would make several tax changes including raising the corporate tax rate to 28 percent and restoring the top marginal individual income tax rate to 39.6 percent.
A Treasury Department analysis found the overwhelming majority of small businesses wouldn’t be included in that plan because mos file as a pass-through entity, which allows them not to pay corporate taxes.
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