Millions of small business owners and operators are being targeted to pay more taxes should President Biden’s reform proposals be adopted, according to a new analysis from Americans for Tax Reform.
“During his campaign, President Biden promised the American people that he would not raise taxes on small businesses,” the report explained. However, “now he is violating that promise, and next week House Democrats will vote on the framework to make the tax hikes possible.”
Biden’s promise was in a debate in February 2020, when MSNBC’s Hallie Jackson asked, “I want to ask you about Latinos owning one out of every four new small businesses in the United States. Many of them have benefited from President Trump’s tax cuts, and they may be hesitant about new taxes or regulations. Will taxes on their small businesses go up under your administration?”
Biden’s response was: “No. Taxes on small businesses won’t go up.”
But, like many campaign promises, that one isn’t turning out to be true.
The survey noted that even Biden admits his tax hikes will hit “only” 3% of small businesses, but even that figure is more than 950,000. Then the White House “failed to mention the one million small businesses organized as C-corporations” w