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Joe Biden’s Plans for America’s Small Businesses

smallIf 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.

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Cyndi
1 year ago

Sinc he plans ONLY RAISING TAXES for those who make $400,000 a year, wouldn’t this raise up the individuals earned income per year? Just wondering because I think it will effect more people than. Ot!

Joe Godlewski
1 year ago

keep him down the cellar

Michael Smith
1 year ago

Never did I think in my 59 years as a voting American, that we could possibly be living under communist rule if we don’t wake up and vote for President Trump, and all Republicans. It’s a disgrace to see what has happened to our nation in the past 60 years. Khrushchev promised that they would take over our nation and never fire a shot, and that is exactly what they have done. THE ONLY WAY TO STOP IT, IS TO ELECT REPUBLICANS FOR THE PRESIDENCY, THE HOUSE AND SENATE. If we don’t, WE ARE FINISHED.
Voting and PRAYER are the only weapons we have.

Bill Brown
1 year ago

What is happening today is exactly why OUR Founders wrote and passed the 2nd Amendment!!  If we are not willing to fight for OUR Country, we do not deserve to have it!!  Be ready to FIGHT!!! Join the Trump Movement – The American Revolution Version 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Bill Brown
1 year ago

Get our Children our of Public Schools and turn-off Mainstream Media!  Become a Free American!!  Join the Trump Movement – The American Revolution 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Bill Brown
1 year ago

The National Education Association and the American Federation of Teachers are COMMUNIST organizations that are teaching OUR Children Anti-American sedition!  Members of those UNIONS should NOT be allowed to Teach!!  Join the Trump Movement – The American Revolution 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Bill Brown
1 year ago

The DemocRats, The Media, Teachers Unions, etc. try to make us believe they are invincible!  They ARE NOT!  Push back against the bullies!! Join the Trump Movement – The American Revolution 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Bill Brown
1 year ago

If we all get out and VOTE, YES we, the true AMERICAN Citizens CAN win back the House and hold the Senate!  Join the Trump Movement – The American Revolution 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Bill Brown
1 year ago

Screw the useless “Woke Movement”!  It is time for All Americans to “WAKE-UP” and TAKE OUR COUNTRY BACK!!  !!  Join the Trump Movement – The American Revolution 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Bill Brown
1 year ago

In 1963, my Father told me that the sole purpose of the Small Business Association (SBA) was to have the government take-over all hiring and firing for all Companies with 25 employees or less! The drive to make the United States of America a Socialist Country has been going a full steam since the middle 1800’s!! Marx: “Socialism is the necessary middle step in the Goal of “Communism – defined as a society with no need of Government”!!! Anyone who does not understand this fact has been “brainwashed” by our government and the “world” media!!! Join the Trump Movement – The American Revolution 2.0!!!  Become a Counter-Revolutionary!!!  Stand-up for Our Republic!!!!  Remove Every DemocRat!!!!!

Mimi
1 year ago

No surprise here. Democrats have always been a tax and spend party. With Biden as president, it will be magnified exponentially!! With the squad pushing him and Harris farther and farther left. What a mess!! VOTE TRUMP 2020!! Save America!!

Phil Hammersley
1 year ago

But the globalists will get exemptions because they are financing
creepy Joe’s campaign and giving money to antifa and BLM terrorists.

BAE
1 year ago

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.

Gregory Russell
1 year ago

If you vote for even a single demon-crat, you are a domestic terrorist, just like them. Period.

mike
1 year ago

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!

Garye
1 year ago

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!

Bob Igyarto
1 year ago

Great article yet again!! I send these to 20+ folks, including my twin daughters!✝️??

Ed J
1 year ago

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.

JohnH
1 year ago

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??????????

JohnH
1 year ago

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.

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