Buchanan: Democrats’ Latest Tax Plan Would Devastate Main Street Businesses
President Biden and Democrats in Congress want to raise taxes on job creators as our country faces a looming recession. Their so-called “Net Investment Income Tax (NIIT)” would impose $252 billion in taxes on America’s small businesses that are already reeling under record-high inflation and severe labor shortages.
Nearly 8.4 million S-Corps and partnerships, which make up 64 percent of small businesses and employ nearly half of the American workforce, would be subject to this new tax. In Florida alone, this tax hike would affect over 750,000 Main Street businesses.
Take a look at the chart from the U.S. Senate Committee on Small Business and Entrepreneurship to see the state-by-state breakdown of how many businesses would be affected by what the House Ways & Means Committee is calling the Democrats’ “Mom & Pop Paycut” in their latest one-pager.
Click HERE to view your state’s statistics.