Biden’s Build Back Better Would Increase Taxes for Small Businesses
Washington, DC (July 8, 2022) — Talks of reviving a slimmed down version of Build Back Better have resumed, including a small business surtax.
Alfredo Ortiz, president and CEO of Job Creators Network (JCN), issued the following statement:
“Biden has been busy destroying the economy and living in a fantasy land where his historic failures are passed off as historic gains, but that didn’t distract him from his continued war against small business. Now that a slimmed down Build Back Broke bill is in discussions, Biden is looking to squeeze small businesses dry with increased taxes.
Biden’s Build Back Broke would expand existing passive income taxes and apply them to active taxes. Small businesses are already dealing with the worst inflation in over four decades, supply chain issues, staffing shortages, and a slew of other issues at the hands of Biden’s dismal leadership. Some small businesses may even see an effective tax rate of nearly 50 percent by the time Biden is done with them. Two out of three new jobs are created by small businesses, a strong and growing economy is a result of their efforts, and for that Biden wants to reward them with tax increases primed to run them out of business.
JCN will continue to fight Biden in his war against small business and work to ensure these tax increases, and Build Back Better as a whole, are stopped in their tracks.”