“The $3.5 trillion tax hike being pushed by President Biden and congressional Democrats would be the largest tax increase since 1968,” reports Americans for Tax Reform. “While Democrats claim this tax increase will fall on “the rich,” the proposal will raise taxes on small businesses and working families.”

KEY EXCERPTS:

Biden’s Capital Gains Tax Would Shrink the Economy by $124 Billion.

• “This tax imposes double taxation on corporate income – first, businesses pay the corporate income tax on their earnings. Second, the investor pays the capital gains tax on dividends received or stocks when they are sold. This double taxation discourages savings, suppresses productivity, and discourages investment. Ultimately, this tax hike will threaten business creation, business expansion, entrepreneurship, and jobs and wages.”

Democrats’ Supercharged Second Death Tax Will Devastate Small Businesses & Family Farms.

• “Repeal of step-up in basis will create new complexity for many taxpayers including family-owned businesses. It will force predominantly family-owned businesses to downsize and liquidate assets, leading to fewer jobs, lower wages, and reduced GDP.”

The Majority of Businesses Will be Crushed by Democrats’ Tax Hikes.

• “Of the 26 million businesses in 2014, 95 percent were pass-throughs. Pass-through businesses also account for 55.2 percent, or 65.7 million of all private sector workers. More than half of all pass-through income would be taxed at this new, higher rate.”

Biden’s Global Tax Surrender Will Send Jobs Overseas.

• “This will impose double taxation on American businesses and make it difficult for them to compete against foreign companies. Under Biden’s plan, an American business operating in the United Kingdom will face British taxes and then American taxes. By comparison, a British business operating in the U.S. will only pay U.S. taxes because the UK has a territorial system that only taxes income earned in that country.”

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KEY TAKEAWAYS:

The Last Thing Working Families and Small Businesses Need Are Democrats’ Crippling Tax Hikes

• Both the top non-partisan Joint Committee on Taxation (JCT) and the left-leaning Tax Policy Center have concluded President Biden is breaking his tax pledge by raising taxes on middle-class families
• While Republican tax reform led to record R&D investment, President Biden wants to take investment in our local economy away from communities and send it to Washington.
• With more than 10 million job openings, America’s needy families need good-paying jobs, not more emergency spending and endless government checks.

READ: Fact Sheet: Pelosi’s Budget is a Green Light for Taxes on Working Families & Main Street

Bidenflation is Leaving American Families Behind.

• Democrats’ endless emergency spending has sent prices rising the highest in 30 years. Consumer prices have risen every month since President Biden took office. These higher prices, due to inflation, disproportionately hurt the poor.