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Big Change

How will the new Congress affect business taxes?

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This story appears in the April 2007 issue of Entrepreneur. Subscribe »

The Democrat-heavy Congress sworn in this past January has a long list of tax changes. Mel Schwarz, partner in the National Tax Office at Grant Thornton LLP in Washington, DC, sizes up the likely moves in '07. But whatever Congress passes still needs the president's OK.

Estate tax: This law is currently a mess, with changes every year. Now that Republican estate tax-repeal efforts are dead, Democrats may be able to find a compromise. One possibility: Freeze the estate tax at the 2009 rate of a $3.5 million exemption and a 45 percent top tax rate.

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