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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 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 , 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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