The “Big”, Scary Tax Increase for Small Business: What You Need to Know
The Big Tax Increase Facing Small Business
Dean Zerbe, Forbes.com 06.09.10, 10:50 AM EDT
Hedge fund taxes get all the attention. Congress is about to raise billions in taxes on some doctors, accountants and architects.
While a possible increase in taxes on the “carried interest” of hedge fund and private equity money managers is getting all the attention, in the same bill Congress is also creating a tax mess for small-business owners in the form of an $11 billion tax hike over the next 10 years.
The tax increase was included in H.R. 4213, a peddler’s wagon of legislation (new spending, physicians’ reimbursement, extensions of expired tax breaks, etc.) that was passed by the House in a narrow vote just before Memorial Day and is now being considered by the Senate. The Democratic-backed Senate version of the bill includes the same tax on small business.
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