The Build Back Better legislat

The Build Back Better legislation is still in negotiations in Congress. Listed below are the current and propsed tax rate changes. Compute the following based on the information below, assuming all Net Income is paid to you as a dividend.

a. Prepare an Income Statement for both current and proposed rates. Assume the Net Income at the bottom of each Income Statement is taxed to you at the current and proposed dividend rates.

b. Calculate the Total Tax (Corporate and Dividend)

c. Calculate the Effective Tax Rate for both the current and proposed rates.

Sales$ 20,000,000
Operating Expenses$ 2,000,000
Interest$ 1,000,000
Present Tax Rate Corp Present21%
Personal Dividend Rate 20%
Proposed Biden Tax Rate Corp 28%
Proposed Biden Personal Dividend Rate 39%

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