8.3 Million Main Street Businesses Will Be Devastated by Democrats’ Tax Hikes
July 20, 2022 - Blog - Press Releases - Select Revenue Measures
More than 8.4 million Main Street businesses would be hit with higher taxes under Democrats’ “Mom & Pop Paycut." Democrats’ plan to expand the small business surtax, known as the Net Investment Income Tax (NIIT), adds $262 billion in new taxes on America’s family owned businesses that are already facing a looming recession and severe labor shortages.
These 8.4 million S-Corps and partnerships, which make up sixty-four percent of small businesses, employ nearly half of American workers and would be subject to this new tax under Democrats’ plan.
Ways and Means Member Rep. Vern Buchanan (R-FL) highlighted a new chart from the U.S. Senate Committee on Small Business and Entrepreneurship showing a state-by-state breakdown with how many businesses would be affected by the “Mom & Pop Paycut."
Click below to find out how many of your state’s small businesses would be affected:
READ: “Mom & Pop Paycut" is a Small Business Surtax on America’s Small Business Owners
