Much has been written about Joe Biden’s tax plan over the past several months. While Mr. Biden has assured the public that he would only tax “the rich,” what would a Biden tax plan mean to a successful small business owner? Let’s look at his proposals in the context of a successful small business.
How much do taxes increase under the Biden Plan?
Let’s say Mary owns a business that has $1.5M of gross revenue, $400,000 of wages to employees, and net income for the owner of $800,000. Let’s assume this small business operates as a sole proprietorship and Mary files her business tax information on Schedule C of her 1040.
