Major Tax Increases For Small Businesses & Sole Props, No More Passing Businesses To Heirs Tax Free

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There's at least 1.9 million small businesses that will get hit with tax increases -- which does not even include the number of small businesses that would get hit from the elimination of stepped-up basis.
The Tax Foundation notes that IRS statistics "show more than half of pass-through business income could face tax increases" under the new plan.
The proposed increase in the top marginal income tax rate to 39.6 percent will hit small business sole proprietorships, LLCs, partnerships and S-corporations.
They want to raise the top marginal income tax rate to 39.6 percent which will hit many small businesses.
According to the Congressional Research Service, "The majority of both corporations and pass-throughs in 2011 had fewer than five employees (55% of C corporations and 64% of pass-throughs). Nearly 99% of both corporations and pass-throughs had fewer than 500 employees, the most common employment-based threshold used by the Small Business Administration (SBA)."
Another troubling bit is raising the corporate income tax rate hike from 21 percent to 28 percent targets one million small businesses across the country organized as corporations.
As noted by the Small Business Administration Office of Advocacy, there are 31.7 million small businesses in the U.S. Of those, 25.7 million have no employees, while 6 million have employees. Of these 6 million small employers, 16.8 percent, or 1 million of these businesses are classified as c-corporations. The SBA classifies a small employer as any independent business with fewer than 500 employees.
The claim is this spending plan makes large corporations pay their “fair share.” However, the plan will raise taxes on many small businesses that are structured as corporations.
Also of note: a recent study from the U.S. Chamber of Commerce found that 1.4 million small businesses organized as C-corporations will get hit by the corporate tax rate hike.
The Chamber noted the corporate income tax hike will hurt small businesses in every sector of the economy: “agriculture, construction, health care, real estate, finance, and more.”