Cliff Notes II
With less than 200 days left before Washington leads the economy over the fiscal cliff, the Joint Committee on Taxation (JCT) has offered up more evidence that Congress needs to act to extend the current tax rates for everyone, including those business owners with higher incomes. As Bloomberg reports:
President Barack Obama’s plan to raise tax rates for the top 2 percent of U.S. households would mean higher taxes on the people who report 53 percent of business income reported on individual returns, according to the Joint Committee on Taxation.
According to the JCT, in 2013 nearly 1 million …