Bill > HR8559

This bill, the Small Business Owner Tax Relief Act of 2022, has two key provisions: 1. It enhances the self-employment tax deduction for individuals with a gross income under $400,000, allowing them to deduct three-quarters of their self-employment taxes instead of the usual one-half. 2. It imposes a 0.8% excise tax on the repurchase of corporate stock by publicly-traded domestic corporations, with some exceptions, such as for stock contributed to retirement plans or where the total repurchases do not exceed $1 million. The tax also applies to certain acquisitions of stock in foreign corporations by related parties. The bill is intended to provide tax relief for lower-income self-employed individuals and to discourage large stock buybacks by corporations, which some view as a way for companies to avoid investing in their businesses and workers.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/8559/all-info