This week, Congress released a revised version of President Biden’s Build Back Better Act and it does not have as many business negatives as the earlier versions, but there’s still plenty to be concerned with. On the positive side of the ledger, the latest version does not contain individual and corporate rated increases, nor Section 199A Small Business Deduction limits, nor any capital gains tax increases. But, as negotiations continue, any one of these could be added back. In the meantime, the bill still contains a massive expansion of the Small Business Surtax, imposing a 3.8% tax that will impact businesses organized as s-corporations, LLCs, sole proprietorships, and partnerships on all income over $400,000 as well as family-owned business that use a trust or estate to pass the family business on to the next generation. And, those income levels are not even indexed for inflation! There are additional surtaxes contained in the bill for incomes over $10 million (5% surtax) and $25 million (3% surtax). In addition, the latest draft also contains a four-week federal paid family and medical leave mandate along with a number of gimmicks to accomplish some of the policy aims contained in the Protecting the Right to Organize Act (PRO Act). More to come!