The Biden administration’s tax proposals pose a triple threat to individually- and family-owned businesses.  They raise taxes on Main Street Employers when they earn income, when they sell the business, and when they pass the business on to their kids.  The business community is understandably alarmed at the prospect that these policies could be enacted, but exactly what are their prospects and what is the timing of potential action?  Here is the latest.

Later, Not Sooner 

Three announcements last week helped clarify the process, timing, and content of a potential tax and spending package in Congress:

• First, Senate Majority Leader Chuck Schumer …
  
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Two months ago, we posted a Wire entitled “Hit and Run Economics” that highlighted a new NBER Working Paper – coauthored by Gabriel Zucman – that claimed the Tax Gap is much larger than previous estimates and exceeds $1 trillion a year.

At the time, we predicted the shelf life of the “study” would be a few months, because that’s how long it would take real economists to digest the work and correct it.  Zucman and his frequent collaborators Piketty and Saez have a long history of publishing questionable papers that fail to stand up to scrutiny.

In this case, it only …

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