Americans Don’t Understand Who’s Rich
The small-business owners with curiously large fortunes
By Owen Zidar and Eric Zwick
https://www.theatlantic.com/ideas/2026/09/everywhere-millionaires-tax-code/688584/ Note S v C tax incentives
QT:{{”
Last year’s One Big Beautiful Bill Act… made
permanent a 20 percent deduction that effectively lowers the top tax rate for private-business owners from 37 percent to 30 percent. And it preserved a loophole that lets business owners in most of the country, but not salaried employees, deduct their state and local taxes in full…. A loophole that lets private-business owners avoid Medicare taxes has
similarly been justified as a break for the little guy.
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