If Joe Biden wins the election next week and is sworn in as President, he will seek to change the way that small businesses taxation and regulation works. Former Vice President Biden and Senator Harris have both paid lip service to helping small businesses succeed but their plans tell a different story.
Biden tax plan
Simply put, the full Biden tax plan if implemented fully has the potential to bury small businesses. During this campaign, the Biden/Harris ticket’s rhetoric on taxes has changed from repealing all of Trump tax cuts to repealing just some of them for the “wealthy”. The problem is that Democrats have trouble distinguishing wealthy individuals from healthy small businesses. Many small businesses, among them S-corps, LLCs, and sole proprietors are called “pass-through” businesses, meaning their businesses taxes flow through and are reported on a business owner’s individual income tax form. Most of these small businesses were given a new 20% small business deduction, lower rates, and better capital expensing laws under the 2017 Tax Cuts and Jobs Act. Some of these tax changes were paid for by decreasing the number or amount of business tax deductions. Democrats have threatened to repeal the changes that lowered taxes if they sweep Congress and the Presidency in the upcoming elections, but would not restore many of the deductions, this means businesses would face even higher effective tax rates than before the tax cuts. In addition to paying higher income and business tax rates, small businesses will also be subject to higher death taxes and more regulations. Political drama has kept taxes from becoming a top tier issue, but President Biden is proposing the most radical tax plan on record for Democrats – they hope to raise taxes by over $3 trillion total on the American people.
Regulations
Small businesses have thrived in an environment of low regulations and taxes. Last year, before the virus, small businesses set records on expansion and hiring. Small business confidence reached record highs on the NFIB small business survey before the virus hit. Polls show that most voters given this stellar record still trust President Trump over Biden to rebuild the economy. Regulations have been slashed under the Trump administration and red tape has been cut giving businesses the confidence to hire more workers and take more risks. According to the White House, for every new regulation put in place nearly 8 have been repealed during this administration. If Joe Biden is elected, we will likely see a much more burdensome regulatory environment for America’s small businesses.
The economy and small businesses
Independent analyses from both left and right leaning think tanks show that Biden’s plan would shrink the economy, and lower after-tax income on almost every group of Americans. Don’t expect the media to report on the economic impact of Biden’s taxes before the election though. These numbers have been publicly available for months, but the severity of the potential Biden tax increases and their effect on the economy has not seen the press it deserves. During debate and passage of the Trump tax cuts, media reported that the Trump tax cuts only helped the wealthy. After many independent analysis were conducted, even liberal outlets were forced to acknowledge that the Trump tax cuts helped middle class families. In addition to cutting the corporate and individual rates, the Trump tax cuts lowered marginal rates on the middle class, doubled the standard deduction, and increased the child tax credit. These undeniable facts led the New York Times to report “Most people got a tax cut” the Washington Post to report “most Americans received a tax cut” Jake Tapper from CNN to report “the facts are, most Americans got a tax cut” and H&R block to confirm “the vast majority of people did get a tax cut.”
Biden tax hikes on small businesses and corporations would have a negative affect on jobs and the economy as a whole. Taken together, the Biden tax hikes, increase in regulations, and as a result poorer economy overall would spell trouble for many of America’s small businesses.
Small businesses are the backbone of this country! Biden’s Tax Increases would destroy a majority of small businesses and thus cripple this economy beyond belief! I guess the Progressively Communist Democrats REALLY do want to destroy America!
If this is coupled with a $15 federal minimum wage, there will be no small businesses that can survive. Perhaps some of the fast food restaurants will make it because they can decrease the number of employees with automation, but if the cost of that is prohibitive, thus putting them they will be
out of business as well.
Has none but Tax & regulate to death to Chap 7 small business day 1
I think the US, under president Trump, has thrown a very large wrench into the plans the globalists have for “their” world. Panic has set in and as soon as they have control, they will not waste any time implementing their plan, which includes destroying our country and way of life. We can’t let that happen.
Biden Dead Head CCP puppets, and Russian Communists have bought and Paid for this Idiot and his co-harts, Soros, Killery, Obumers, Maoists Children of the CCP. Shameful and disgusting piece of DumbOcrate Communists Party.
If Biden wins and implements his tax program my son will have to close the doors on his BBQ restaurant. No, ifs, ands, or buts about it. They struggle as it is to make payroll, city, state and income taxes. With covid their walk in business is down at least 40% and catering business is down 80% (all weddings, corporate functions, and even funerals cancelled). So yeah, let’s beat up the little guy and make sure the Walmarts and McDonalds survive…
I noticed that another small business has closed permanently largely due to the Covid lockdown mandates installed by Democrat governor Pritzker of Illinois. The business is The Spot Cafe on 7th street in Rockford Illinois. I don’t believe that any Democrats like small business.
The power to tax is power to destroy. The Democrats love to destroy.
There will not incentives offered to small businesses under the plans proposed by Biden. There will actually be disincentives for owners to grow their businesses with the taxes proposed in the Democrat’s platform. In addition to their proposals to increase minimum wages, there is even further evidence that he will break the backs of small business owners. Costly regulations is not completely quantifiable at this point, but that cost will also hurt owners of smaller companies. It would be a dark cloud over the heads of owners who will be coming off issues related to the pandemic. Remember: many states lead by Democratic governors are still plagued by shut-downs and closures beyond what is necessary all in an attempt to gain power for the left-leaning Democrats.
If china-joe is elected, and even more so if the dims control Congress, the country is doomed. That is NOT hyperbole. biden will ultimately be hit with 25A and the most leftist member of the Senate will become POTUS. God help us if that corrupt dimwit wins!
If that happens, I’ll just close my doors, release all my employees, and retire. Let’s see if the Dumbocrats will hire them or just increase more taxes to give deadbeats more money.
Suddenly Biden is out going to visit States but for the entire past 8 weeks he went nowhere. Why? The reason is the Press gave him ALL of the questions to the debates and he was simply trying to memorize the answers. The debates are over and he blew it big time.
Unless the democrats implement policies that encourage businesses to open, to expand, and to hire employees, the economy will fail. People and companies buying and selling goods and services are responsible for 2/3 of the GDP. A busy economy keeps people employed.
But this doesn’t register with the democrats; they’re not interested in prosperity. They want more money from taxes so they can dictate where the funds will be spent. And where is that? Look at any of those socialist programs they’ve been talking about for years, and there’s your answer.
Compare the Obama/Biden economy, after the “recovery” (2009), to the economy under the Trump/Pence administration. There’s no contest! Lowering taxes to the extent that this president did, along with all the other business-friendly legislation, brought a vibrancy to the economy, the lowest unemployment numbers ever, and prosperity to a greater number of people. Now, that’s what I’m talkin’ about!
Please vote for TRUMP and PENCE!!
If Biden wins the election because the poor which will control the election will receive more free stuff.I do not think he will last 4 years as president.What ever happened to our Work ethic? I guess it went to China and other countries.
P L E A S E V O T E O N N O V E M B E R 3 R D ! ! ! If you have already voted, T H A N K Y O U. Remember, your vote is your VOICE in the government!!!!
Their eyes are always on the prize (socialism). Democrats are telling voters up front that they’re going to raise taxes. THEY AREN’T KIDDING! Democrats don’t care if they destroy capitalism – it’s in their long-range plan anyway! Small businesses, big businesses, who cares? Not only are they going to pay more taxes, their taxes will pay for more regulations and more worthless government programs etc. Combined with the weaponized Wuhan Virus democrats will destroy the rebounding American economy.
Economics 101: Every single dollar taken from any business in taxes and regulations is a dollar less that business has to spend on jobs, wages, and growth. That is so simple and so true that even a democrat should be able to understand it, but obviously they either can’t or refuse to do so. In general, no matter what your earnings might be, the left believes it all really belongs to the government and you should be grateful they let you keep any of it for your own use. It’s interesting that most of the professional politicians on the left have never had real jobs and have been on the public dole almost their entire lives, yet many including Biden have amassed a multi- million dollar fortune without a real job. Biden’s is roughly $10 million. That only happens from corruption and kickbacks because it sure isn’t supported by their salary!
Trump the only choice!
Just another reason I’m not voting for Joe.
It is very simple to know when Joe Dementia Biden is lying// HIS lips are actually moving// He will sell the White House if given a chance at the expense of the American people// Wake up or this buffoon and his sleaze bag mate (Harris) will ruin our country// Its easy to understand//
Just another liberal way to get to socialism. If the democrat party doesnt wake up, they are going to ruin the country.
ALERT!!! Hiden and The Mattress are the leading edge of the Progressive/Socialist/Demonrat/ Communist Party. There is no way that YOU CAN TAX YOURSELF TO PROSPERITY! NO WAY TO TAX YOURSELF TO PROSPERITY! YOU GET IT ????
MAGA/A-/KAF/KAG TRUMP/PENCE 2020
Shall not forget about the impact that higher taxes on small businesses will have on health care cost. Most all doctors are small businesses, and the increased taxes will simply be passed thru to their patients.
Joe Biden is an imposter. He managed to survive by pretending his way to the top. The only core convictions he has are those that
serve his best interest. How anyone could admire this man, let alone vote for him, is beyond comprehension. His 47 years of deception make him the perfect “Trojan Horse” candidate for the Democratic Party.
i get the feeling that the democratic party wants to destroy the United States of America. They want to make our citizenship worthless by giving away our entitlements and medicare that we pay for and our rights to vote in a fair election. I do not understand what they get in return unless they all have Joe Biden plans of wealth building by selling their offices to the highest bidders.
Well they can try to do whatever they want to do but what’s going to happen is the American people are going to rise up like 1776 and the Democrats can kiss their asses goodbye forever.
Face it, Biden is the front man for a harris who will be president, dooming this country exactly what China and Russia want!
Has he ever really explained in detail one of his plans…he’s just talk.
The Biden/Harris ticket will send this country into some very dark depression-era days!
How can they possibly not know the devastating effects of their plans? And why would they act as though they don’t know???
I started to read this article, then I realized it was pointless because even if Joe Biden is sworn in as President, the Progressive Democrats are going to take him out and either make Nancy Pelosi President, and Kamala Harris VP., God forbid. There are even speculations that Obama is going to wriggle back in if Biden were to remain as the elected President, he would be pulling Biden’s strings. Either way, at this point if all Conservatives don’t fulfill their responsible duty to vote on time and making sure their ballots are signed this country will be lost forever. The Terrorist One World Order Party will make sure that what once was America will be destroyed. No more Constitution, no more freedoms, no more voting. It will be over. Don’t take the chance in believing it’s all a conspiracy theory. There is too much at stake. VOTE THE ONLY MORAL CHOICE WE HAVE RIGHT NOW….VOTE TRUMP 2020.
Why are we even attributing this tax disaster to Biden? He can’t remember where he is or who he’s running against much less come up with a tax plan. The better question and one that the press, if it wasn’t in the bag, should be researching is WHO is running Biden and what are THEIR plans for America. Where exactly are these millions upon millions of dollars in his coffers coming from? Follow the money folks. The press is such a national joke, it’s a tragedy, and they should have their Constitutional guarantees withdrawn if they’re just going to be the Democrat Party with pens.
Excuse me, but I do not want to pay anymore taxes than I do already. If the small business is taxed more, those costs will be passed onto the consumer. Lord God, please have President Trump re-elected!!
Must be panic for the Democrats. Obama out campaigning for Biden. I am hearing Biden, keeps changing his views on Fracking and fossil fuel.
One day he says he’s for it and the next he says he’ll banned it for good. I am not sure where he’s at with everything. TRUMP has to win again.
We need a President that knows what’s good for the American people. I am praying he wins next week. Its scary to think about it. Not sure what’s gonna happen.
If Biden wins the first ones to complain will be those that voted for him because they will finally realize they have been lied to. We will all suffer but when you ask them why they voted for Joe they will say I never voted for him. They won’t own up to their stupidity.
Small businesses that survive will have to raise prices to pay for the increased tax burden and proposed minimum wage. Biden and his Bolsheviks don’t care. They never had to run a business and want nothing other than to control the economy and what used to be those who benefitted from a healthy economy. Biden and his morons have no clue as to what makes a healthy economy run, or what a free-market is. They don’t care about anything except lying in order to get us to vote for them. GREED at its best!
My husband & I own a small jewelry store. I feel Biden will destroy us if he gets in office. I pray Trump wins…
But for the articles and the readers’ comments it is extremely hard to believe there is a sane world out here. Thank you, everyone.
Well, this is no surprise as the left wants nothing more than to break our economy and switch it to Socialism. with a new currency.
Simply put the Democrats are friends of big/ bigger business and they hate competition.
if only this was known more widespread!
What is going on?? One week to election & Trump is making fun of covid-covid-covid at rallies, Mark Meadows (WH Staff) says we will not defeat the virus but be reactive with treatment/vaccines, and Pence (head of covid task force) is at political rallies instead of 14-days quarantine. This administration has given up, or what did Trump mean last week when he said not in news on Nov 4th. I cannot believe this will go away on Nov 4th. It would sure be nice if it did go away, but I am a DebbieDowner I guess. We should fight Covid instead of throwing out white flag.
Unfortunately, it appears that a lot of small businesses will not reopen again. And this week, with no stimulus bill passed it makes it a lot worse for small business & unemployed that need help. I read story today, that the only people that are doing okay during pandemic are the wealthy. The backbone of this country is the middle/lower class that produce & will be the future generation of America. It makes no sense at all for Trump to tell Republicans to stop negotiating a couple of days after he got out of hospital & then change his mind a few days later. What was that all about and do not tell me smart as a fox.
No matter who wins this election, my opinion is that the Federal Govt. has to start decreasing National debt & work with balanced budget. Can this be done without raising taxes is the question??????????
Biden and all his radical leftists Marxist/Socialist cronies are Charter Members of the “180º Club” (i.e., whatever position they espouse or embrace, the exact opposite is usually true and is the optimal solution to the problem at hand). Their motto ought to be enshrined as “We will snatch defeat out of the jaws of victory!” The total ignorance of these Demsheviks as to how the real world actually works is astounding! Let’s hope these idiots simply become minor footnotes to history after November 3rd.
Great article yet again!! I send these to 20+ folks, including my twin daughters!✝️??
Answer the question biden, are you dirty and corrupt???
Why aren’t your son hunter and brother jim helping you campaign??
EVERYBODY knows joe – YOU’RE a 47 year failed corrupt politician!
The zeal the democraps show to destroy this country is amazing and scary as hell. They have no ideas how a business, any business is run. What it means to make payroll, and be responsible for others. They believe that we can do energy with unicorn farts and dont need fuel. They dont like low priced fuel, they really dont like you have freedom of choice, speech, religion, firearms and a whole lot of other things like freedom and and the constitution as well as no choices to do anything except what they say is approved by them. Why would you or anyone vote for them is beyond me. Has half of the country gone soft in the head? Have we all become sheep? Willing to be led willingly to slaughter? Where is your spine America? When are you gonna learn these “people” have nothing good in store for you despite their lofty bogus rhetoric. Fight back or you are no countrymen of mine!
If you vote for even a single demon-crat, you are a domestic terrorist, just like them. Period.
You are so right. The democrats slowly destroy everything they touch. They are the party of the ultra rich.
They will control everything with BIG government.