The president’s budget also calls for a change to “a loophole that lets some high-paid professionals avoid Medicare and Social Security payroll taxes, costing the Trust Funds almost $10 billion a year by the end of the decade.”
The proposal — similar to one that appeared in the leading House Republican tax reform plan last year – would require individual owners of professional services businesses, such as law partnerships or S corporations, to pay self-employment taxes on more of their income than they currently must.
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