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.
Congress’s Top Scorekeeper & Liberals Say President Biden Is Breaking His Tax Pledge Not to Hike Taxes on the Middle Class
- The Joint Committee on Taxation (JCT) analysis shows 66.3 percent of the burden of the tax increase will be borne by lower- and middle-income taxpayers.
- The left-leaning Tax Policy Center found that Biden’s tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031 – contradicting his pledge not to raise taxes on middle-class Americans.
Democrats’ Supercharged Death Tax Will Cost Jobs and Devastate Family Farms.
- According to an economic analysis by EY and the Family Business Estate Tax Coalition, Democrats’ death tax will destroy over a million jobs, slash paychecks for workers, and shrink our economy by $100 billion over the next decade. We wrote about that here.
Working Families are Feeling the Pinch of Democrats’ Stealth Tax Inflation.
- Real wages have declined every month of the Biden presidency, and inflation is only continuing to shrink the purchasing power of families.
- Prices rose the highest in 30 years in July.
- Higher prices due to inflation disproportionately hurt the poor.
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.