article thumbnail

How Biden’s Proposed Tax Bill Will Affect Small Businesses

SingleTrackAccounting

These are expected to be financed with increased taxes targeted at high income brackets and corporations. According to the Tax Policy Center, the tax hikes would generate $2.4 trillion dollars between 2021 and 2030. We have been getting questions lately on how the new tax bill will affect small businesses.

Tax 52
article thumbnail

Conservatives’ Budget Plan Renews Battle Over Social Security Benefits, Tax Cuts

CPA Practice

Biden and congressional Democrats thus far have focused their efforts to reduce those two programs’ budget shortfalls by reining in Medicare prescription drug costs, and by raising Medicare and Social Security payroll taxes on high-income earners. The largest piece, amounting to $2.48 House Budget Chairman Jodey C.

Tax 97