What happens when lawmakers enact a new tax?
It starts small.
It looks easy.
In 1935, the self-employment tax topped out at $60. Those 1935 lawmakers must be twirling in their graves with the new rules for 2021, which levy the following taxes:
A self-employment tax of up to $21,848, which comes from the 15.3 percent rate that applies to self-employment income of up to $142,800.
A 2.9 percent tax that applies to all self-employment income in excess of the base amount.
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