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Business, Economy

“House Democrats propose top 39.6% tax rate at these income levels”

“House Democrats have proposed a top marginal income tax rate of 39.6% for individuals, part of a sweeping change to the tax code to fund climate investments and an expansion of the U.S. safety net.

That rate, an increase from the current 37% levy for the wealthiest taxpayers, would kick in for single individuals with taxable income over $400,000, according to a legislative outline issued by the House Ways and Means Committee on Monday.

It would also apply to married individuals filing a joint tax return whose taxable income exceeds $450,000; to heads of households over $425,000; to married individuals filing separate returns over $225,000; and to estates and trusts over $12,500…”

https://www.cnbc.com/2021/09/14/house-democrats-propose-top-39point6percent-tax-rate-at-these-income-levels.html

This is going to hurt small business owners. Tax increases will only put them in the hole further on top of their businesses being shut down. This is not good.

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