Читать книгу Small Business Taxes For Dummies - Eric Tyson - Страница 35

Congress continually tinkers with our nation’s tax laws. Bigger changes tend to occur when the same party controls both chambers of Congress as well as the Presidency. As this book goes to press in late 2021, we have been through a lengthy period where there has been lots of talk of tax increases by the Democrats, the party currently in control of Congress and the Presidency, but that has largely been blocked to date due to their super slim majorities in both the House and Senate.

With the 2022 Congressional mid-term elections on the horizon, history suggests that the most likely outcome for those elections will be divided government, which will mean even more gridlock and less likelihood for tax increases or tax changes in general. That said, here’s a short list of changes that have been discussed and that have the highest likelihood of being part of a tax package within the next year, if one ever passes:

 Higher federal income tax rates on high-income earners

 Some elimination of the step-up cost basis at death for investors in the highest tax brackets

 Expansion of the state and local income tax deduction from $10,000 to some higher amount

 Increased corporate federal income tax rate

 Higher federal capital gains tax rate for those in the highest federal income tax brackets

 Reduction in the federal estate exemption amount

 Application of the Social Security tax to more income for the highest income earners