During the 2020 campaign Joe Biden promised that taxes on small businesses would not go up.
So why is he now pushing numerous tax hikes that would hit small businesses?
The $3.5 trillion in tax hikes Biden has proposed includes several small business tax hikes.
Biden's increase in the top marginal income tax rate to 39.6 percent will hit small business organized as "Pass-throughs" like sole proprietorships, LLCs, partnerships, and S-corporations.
Simply put, a significant amount of small businesses and small business revenues would be negatively affected by a top marginal income tax increase from 37 percent to 39.6 percent.
One million small businesses with less than 500 employees are organized as C corporations, as noted by the Small Business Administration.
The second death tax will compound this problem, forcing family-owned businesses to sell a significant portion of their business or go into significant debt to pay their tax liability.
It's becoming increasingly difficult to discern fact from fiction, and unfortunately the media has a strong bias. They spin stories to make conservatives look bad and will go to great lengths to avoid reporting on the good that comes from conservative policies. There are a few shining lights in the media landscape-brave conservative outlets that report the truth and offer a different perspective. We must support conservative outlets like this one and ensure that our voices are heard.
Friday, May 14, 2021
Biden to Impose Small Business Tax Hikes in Violation of Campaign Pledge
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment