- July 20, 2021
- Posted by: Stratford Team
- Category: Business
The Biden administration has proposed several tax increases on businesses, whether structured as C corporations subject to the corporate income tax or passthrough entities such as S corporations, partnerships, or sole proprietorships that are subject to the individual income tax. It is important to remember that those business taxes ultimately fall on people, including business owners and employees all across America.
Based on individual tax return data from the IRS at the congressional district level, the Tax Foundation’s new Interactive Tax Map shows how individuals across the country would be impacted by the tax increases.
Biden’s plans contain several tax proposals that in total would increase business income taxes by more than $2 trillion over 10 years, including:
- Corporate tax increases
- Raise the corporate tax rate to 28 percent
- Raise taxes on the foreign earnings of U.S. corporations
- Passthrough business increases
- Impose Net…