In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

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Biden tax increases are poison for small businesses

Lunch Bucket Joe tries to portray his tax increases as socking only the rich. But Main Street is going to be harmed via several of his proposals, and in some ways worse than wealthy individuals and large corporations that can better absorb the violence of his tax hikes.

According to Fox Business:

“Biden has proposed raising the corporate tax rate to 28% from 21%, which would affect roughly 1 million small businesses organized as corporations, according to the conservative Job Creators Network advocacy group.

“But he is also considering raising the personal income tax rates on individuals and households earning more than $400,000, which will hit some small businesses organized as ‘pass-through’ entities. This proposal is expected to be included in the president’s next piece of recovery legislation to be detailed later this month.

“About 90% of small businesses are organized as pass-throughs, according to the National Federation of Independent Business, and 75% are organized as unincorporated pass-through entities.

“Owners of unincorporated pass-through entities report business income on their personal taxes and are therefore not subject to the corporate tax rate.

“And some pass-through entities may be hurt if the president revokes a 20% deduction for pass-through income. Known as the qualified business income deduction, it allows eligible taxpayers to deduct up to 20 percent of their qualified business income from their taxable income.”

5 thoughts on “Biden tax increases are poison for small businesses”

  1. I own a small business, for over 40 yrs at the helm, in my family since 1930. Large corps pass added cost on to the consumer. Smaller businesses cannot afford that luxury and eat the added tax, resulting in less profit to the small business owner. Do that enough, the owner closes shop. And the big corp sends the tax bill down to the the consumer. If any of these numbskulls had bothered to work a day in the private sector, make payroll, lose sleep over expenses, worry about paying the mortgage, the kids education, healthcare, and retirement, they would comprehend.
    I laugh at them all.
    Next time you see a career politico, google their resume and see how much time they spent in the private sector.

    YES, I did build it, and damn them for trying to take it away from me.

    sorry, that 3rd Nespresso is really kickin in.

    H

    1. Harv, thanks for sharing. Small businesses are the backbone of America. Destroy that backbone and you destroy America. It infuriates me to no end what these damned liberal Demoncrats are doing to small businesses. They have no scruples; they have no compassion for the hard working small business owner. They just don’t freaking care; they just want more money from whoever and whatever and use this money to financially support illegals and tons of other wasteful welfare programs. Trump was a businessman. He knew he needed to help small businesses and he did. So, I am with you, damn them for trying to take it away.

  2. I have always been one to use small businesses if I can. I prefer them. We have seen the destruction of a good percentage of them going under during this last year. This has been the plan of the left for a long time.

      1. Yes, and now biden and his enablers through their evil actions will continue the massacre of those small businesses still surviving.

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