The Biden administration on Thursday said few small-business owners would see their taxes increase under the president’s proposal to raise the top income tax rate for high earners. The White House issued a fact sheet highlighting a new Treasury Department analysis that found that less than 3 percent of small-business owners would be affected by Biden’s proposal to increase the top federal income tax rate from 37 percent to 39.6 percent. The analysis focused on small businesses filing as S-corporations and partnerships and on certain parts of individual income tax returns. The administration also said that 3.9 million small-business owners would receive tax cuts under Biden’s proposals to extend the…
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How to start a small business, from KC owners and experts
Brian Roberts is the owner of The Black Pantry, which he opened in November at Martini Corner in Kansas City. Rich Sugg [email protected] While businesses across the country struggled to keep their doors open amid the economic impacts of COVID-19, Brian Roberts was doing something different. He had an idea to open a business selling products made by Black creators. Last November, he opened The Black Pantry, then a pop-up shop run out of a trailer. Shifting pandemic regulations thwarted his plan of opening a permanent location right away, but he started the business out of the trailer anyway. “I think for me to be resilient and still figure out…
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The bipartisan infrastructure bill is a great start. Small-business owners of color need more
The possibility of Congress actually delivering on a bipartisan infrastructure package is not only welcome news to those who still believe thoughtful, collaborative leadership is possible in Washington but also represents an essential investment in communities that desperately need it. Main Street, in particular, is set to benefit from these investments. However, as we continue to build back from a generational public health and economic crisis and grapple with the consequences of a much-needed reckoning on racial equity, minority-owned small businesses need this infrastructure investment to be one piece of a larger effort. We need to take lessons from the programs that kept Main Street afloat during the height of the pandemic,…