The need to fund massive government spending puts business owners and the wealthy in the crosshairs.

It has been a long time since there has been so much change, so fast, in Washington, D.C. Congress is considering spending close to $7 trillion – in addition to its $3 trillion annual budget. It plans to fund much of that spending through a number of changes in the tax law, including an increase in the top personal income tax rate to 39.6%, an increase in the capital gains rate from 20% to 39.6% for income over $1 million, a significant lowering of the threshold for the federal estate tax, changes in the corporate tax rate, and changes in the net investment income tax.

There is also talk about eliminating the step-up in basis for inherited assets in excess of $1 million per person or $2 million per couple. Most of the changes target high-income earners, but they will also impact small business owners when they sell their companies.

The Milwaukee Business Journal recently sat down with local experts, including Johnson Financial Group’s Joe Maier, to talk about the various proposals, which are the most likely to pass, how they will impact high-income earners and small business owners, and the things people can be doing now to protect their wealth.

View the Milwaukee Business Journal’s full article and video