The largest closely held businesses would face a series of overlapping tax increases under Democratic proposals, leading to heavier burdens on high-income owners of partnerships and S corporations.
The plan, detailed in September by the House Ways and Means Committee, seeks to raise about $2 trillion over a decade to expand the social safety net and combat climate change. The House plan differs from the Biden administration’s proposals, and it is likely to change again as lawmakers negotiate the size and details of their agenda.
