CALLS NEEDED: Congress Considering Tax Increases Impacting EVERY Agency
Congress has now begun working on the details of the $3.5 trillion reconciliation package that addresses issues like climate change, federal paid leave, Medicare expansion, childcare assistance, free community college and much more. To pay for such a large expansion of the federal government, Congressional Democrats are considering numerous tax changes that would impact your agency and your clients. Tax increases currently “on the table” include: a significant increase in the corporate tax rate, raising the top individual tax rate, nearly doubling the capital gains tax rate, potential elimination of “stepped up” basis, and modification/elimination of the Section 199A 20% small business tax deduction for pass-throughs.REQUESTED…