President Biden’s Build Back Better plan was left for dead last December — but pieces of it have shown signs of life.
The plan's backers pitch it as a way to close a tax loophole on the richest Americans who report income through so-called “pass-through businesses” — such as sole proprietorships, partnerships, or S-corporations — and avoid some taxes in the process.on these businesses to apply to active owners who make more than $400,000 annually, levying a 3.8% tax on currently untaxed earnings.
The Tax Foundation estimates that those two changes together bring in north of $300 billion to the U.S. Treasury over the next decade, potentially paying for a sizable chunk of the total package.Tax increases directly on rich Americans appear less likely to happen in a revived bill. Watson says taxes on pass-through business owners would hit many of the richest Americans anyway — and be much easier to implement.
Taxing business owners is “more like extending existing tax that folks are familiar with and we already have rules on,” Watson says. Still, key voter Sen. Kyrsten Sinema could block tax-hike proposals. Her vote is crucial for passage of any deal, and she has opposed proposals to raise taxes throughout the negotiations.Sen. Kyrsten Sinema gets in an elevator at the U.S. Capitol in April. Another idea apparently on the table is new money for the Internal Revenue Service for increased tax enforcement. That effortbut was dropped from the Bipartisan Infrastructure Bill last year amid Republican objections.
Republicans have been wary of boosting funding for the IRS, regarding the agency with suspicion after some conservative groups were
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