Congress comes back today after a two week recess to a whole host of business on taxes. A whole host of expiring policies is leading to what many are calling “taxmageddon” at the end of the year, so politicians have a big problem on their hands to fix.
Instead, Democrats in the Senate think the biggest item of business is the Buffett Rule, which could come up for a vote as soon as today. The Senate’s bill is sponsored by Sheldon Whitehouse (D-R.I.) and, as much discussed, would hit multimillionaires with a minimum 30% income tax rate. Despite the rhetoric coming out of the White House, this would be inconsequential to the deficit – raising just $47 billion over ten years – and would hit some small business owners with a massive tax increase.

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