Today news
About the same in other media
Democrats might not touch these taxes on the wealthy, but they're going up anyway
Reading now: 129
cnbc.comDemocrats jettisoned a number of proposals to raise taxes on the wealthy in their $1.75 trillion social and climate spending measure. But those taxes are set to increase even if lawmakers don't touch them.
Starting in 2026, the marginal income-tax rate paid by the highest earners would increase (to 39.6% from 37%), more multimillion-dollar estates would be subject to federal tax and many entrepreneurs would lose a 20% tax deduction on their business income.
That's due to language in the 2017 tax law, passed by a Republican-controlled Congress and White House, which made these tax cuts temporary.
«Most of the individual provisions of the [law] do expire at the end of 2025,» said Garrett Watson, a senior policy analyst at the Tax Foundation.
Read more on cnbc.comAbout this in other media
Shell basing itself in the UK is not a vote of confidence in the economy theguardian.com /2 years ago
Facebook and other big tech stocks ‘in clear bubble’, warns Rob Arnott fnlondon.com /2 years ago
Shell to move HQ and tax home from Netherlands to UK theguardian.com /2 years ago
Show more
The website finance-news.co is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
