GOP Tax Plan Would Hurt Small Businesses Booming Under Biden’s Leadership

According to a new report released this morning, small businesses are experiencing a historic boom under President Biden, Vice President Harris, and Democrats’ leadership. The report also clearly shows the toxic impact the Senate Republicans’ economic plan could have on small businesses: raising taxes on nearly HALF of all small business owners. 

Rick Scott and Senate Republicans’ plan to raise taxes on half of Americans wouldn’t just hurt millions of middle- and working-class families, it could also raise taxes on nearly half of small business owners. 

CNN: “The report slams a proposed ‘Rescue America’ plan from GOP Sen. Rick Scott of Florida, which it estimates ‘would increase taxes for 49.7 percent of small business owners,’ including 81.6% of small business owners earning less than $50,000 annually. Per White House estimates, small business owners facing a hike in taxes would see a median tax increase of $1,200 a year.”

NPR: “Sen. Rick Scott wants every American to pay at least some income taxes”

New York Times: “The nonpartisan Tax Policy Center estimated that ensuring all households pay at least $100 in income taxes would leave families making about $54,000 or less with more than 80 percent of the tax increase. Those making less than about $100,000 would shoulder 97 percent of the cost.”

Thanks to President Biden and Democrats’ American Rescue Plan – which has powered our nation through a historic economic recovery – millions of jobs have been created and more Americans are starting new businesses than ever before. 

CNN: “Biden will tout ‘small business boom’ in roundtable with small business owners at White House”

CNN: “The 23-page report, shared with CNN on Wednesday, touts encouraging figures on small business creation over 2021, including 5.4 million new businesses, with small businesses creating 1.9 million jobs in the first three quarters of 2021.”

Washington Post: “The White House report also includes some pledges to help small businesses in years to come, including a plan to offer more than $300 billion in loans and equity investments through 2030.”