Tax relief for small businesses and corporate stock repurchase tax.
This act introduces tax changes that may affect small business owners and large corporations. Self-employed individuals with lower incomes can deduct a larger portion of their paid taxes. Simultaneously, large companies will face a new tax on repurchasing their own stock, potentially influencing their financial strategies.
Key points
Increased tax deductions for self-employed individuals with annual incomes under $400,000, leading to lower tax burdens for this group.
Introduction of a new 0.8% tax on the value of stock repurchased by large publicly traded corporations, potentially impacting company profits and investors.
New rules apply to tax years beginning after December 31, 2021.
Expired
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