At the end of 2025, tax rates on pass through income (which is how the vast majority of small businesses are structured) essentially jump 20%+. The 199A deduction expires. And individual income tax rates bump back up.
Corporate rates stay at 21% if nothing happens.
Businesses are already hurting and paying more tax with the subset of bonus depreciation, requirement to capitalize R&D and the limitation on business interest expense deductibility.
These are small businesses that are suffering.
If Kamala gets in, things will get worse. Small businesses and individuals will need to send even more of their money to Washington to have them reallocate it as they see fit.
If Trump gets in, and if Congress is sane, maybe we’ll get some tax relief.
I’m pretty much a single issue voter at this point, and it’s do whatever I think leaves more money with the hard working people who earn it, rather than what sends it to politicians in Washington.
100% clear to me how I need to vote to increase the probability that hard working middle class Americans keep more of their money.
And before any of you dumbass lefties make comments about “tax cuts for the rich”, I know far more about tax policy than you’ll ever know, and work with far more mid market businesses than you’ll ever see. If you think the tax cuts were for the rich and not all taxpayers across the board, you’re flat out ignorant.
