Reminder: American Families and Small Businesses Left Shouldering Democrats’ $3.5 Trillion Tax Hikes

September 8, 2021 — Blog    — Press Releases    — Select Revenue Measures    — Trade    — Worker and Family Support   

This week, as Democrats try to ram through their reckless $3.5 trillion tax and spend agenda, let’s not forget that American families and Main Street businesses will be left shouldering the burden of these devastating tax hikes.

 

Here’s how these taxes will land on the middle class and small businesses:

 

President Biden’s Tax Hikes Will Hit Millions of Small Businesses.

  • More than 21 million Main Street job creators will be left shouldering the burden of Democrats’ small business tax hike.
  • Democrats’ massive welfare state expansion has also left nearly 10 million job openings unfilled as businesses struggle to compete with unemployment bonuses for workers.
  • According to the Joint Committee on Taxation, two-thirds of Democrats’ corporate tax hike would fall on lower and middle income taxpayers —which includes the small businesses that file taxes as individuals.
  • U.S. Chamber of Commerce report found that while the majority of the more than 30 million small businesses in the U.S. are pass-through entities in which tax obligations are passed to the owners, 1.4 million of them are organized as C corporations and thus subject to the corporate tax.

 

READ: Unfilled Jobs Crushing Main Street Hits New Record Under Biden’s Economic Policies

 

Congress’s Top Scorekeeper & Liberals Say President Biden Is Breaking His Tax Pledge Not to Hike Taxes on the Middle Class

 

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

 

Democrats’ Supercharged Death Tax Will Cost Jobs and Devastate Family Farms.

 

READ: REPORT: Biden’s Death Tax Threatens American Jobs, Family Farms, Small Businesses

 

Working Families are Feeling the Pinch of Democrats’ Stealth Tax Inflation.

 

President Biden’s Global Tax Surrender Make It Better to be a Foreign Company or a Foreign Worker Than an American Company or an American Worker.

  • President Biden’s global minimum tax surrender would make America the least competitive country on the planet, driving millions of jobs, manufacturing, research, and investment in communities overseas. This is the opposite of what happened under Tax Reform, where America became the most competitive economy in the world.

 

READ: TOOLKIT: Fighting President Biden’s Crippling Tax Hikes on Middle Class, Small Businesses