8.3 Million Main Street Businesses Will Be Devastated by Democrats’ Tax Hikes

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8.3 Million Main Street Businesses Will Be Devastated by Democrats’ Tax Hikes

The following press release was published by the U.S. Congress Committee on Ways and Means on July 25. It is reproduced in full below.

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

Source: U.S. Congress Committee on Ways and Means

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