How Are Taxes Going To Rise Without The Help Of Lawmakers?
While Democrats make a huge push to raise taxes on the wealthy, many of the current tax provisions are going to expire anyways by 2026. For example, TCJA 2017 was previously passed to cut the top income-tax rate, a 20% tax break was offered to business owners, and estate tax threshold was increased from 5.5M to 11.7M. All these provisions would not survive after 2025. Regardless, the current proposals may still change in ongoing negotiations and lawmakers may decide to extend the current provisions or make them permanent. While tax planning can become complicated with these uncertainties, it is still important to business owners to know their tax position. #taxes #tax #taxlaw #change #planning
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