Senate drafts 3.5% small business surtax

By Taxpayers Association of Oregon
OregonWatchdog.com

Rueters reports, that the U.S. Senate is quietly drafting a tax bill that will hit pass-through firms (businesses for which the owners pays taxes through their personal income tax rather through a corporate tax rate).  This would hit a wide-swath of family businesses owners.   The proposal calls for a 3.8% tax on earnings for those who make more than $400,000 annually and couples who make more than $500,000.  Because this is expected to be a budget reconciliation bill, it gets to avoid the fillibuster, and therefore a simple majority is required to move the bill and approve the bill and no Republican support is needed.

This is a tax that exempts C-corporations and instead would hit only pass-through businesses like most family owned businesses.

As the tax is being hushed and rushed through the process, the vote will come soon.

Raising taxes in a historic inflation-blowout is a disaster.

Be prepared to call your Oregon Member of Congress the moment this tax obtains a bill# and begins to move.

U.S. Senator Ron Wyden
DC Office: (202) 224-5244

U.S. Senator Jeff Merkley
DC Office (202) 224-3753

 

— Was this article helpful?   If so, please contribute online at OregonWatchdog.com (learn about a Charitable Tax Deduction or Political Tax Credit options to promote liberty).