Photo Credit: Photo by Adam Schultz / CC
By Senator Marsha Blackburn –
President Biden hasn’t hesitated in boasting about the supposedly “historic middle-class tax cut” making its way through the halls of Congress. But, his speeches delivered behind teleprompters hide the inconvenient reality of the “historic” agenda.
President Biden promises these hikes will fall on “big corporations and the very wealthy,” but we know we can’t take him at his word. In practice, small businesses will bear the burden: the proposal includes a surtax on income and eliminates deductions intended to equalize the tax burden for small businesses.
Not even Communist China taxes domestic businesses at such a burdensome rate!
That’s right: if the Democrats get their way, communism will look more attractive to investors than the business environment fostered by the freest nation in the world. Even worse, the White House is pushing for a global minimum tax that will erase one million U.S. jobs and — equally as egregious — potentially exclude China from the job-killing tax burdens.
What does that mean for business owners? Less hiring and fewer raises for employees.
The National Federation of Independent Business President Brad Close explained that more than 80 percent of members say the deductions eliminated in the legislation are important to their bottom line. Close described opposition to cutting deductions as “overwhelming.”
Small businesses are not alone in their opposition. Biden promised the plan wouldn’t raise taxes on “anyone making less than $400,000 a year.”
Extensive research found conclusively that U.S. workers, retirees, and small businesses will disproportionately be harmed. This is not a short-term setback. Over the next decade, over 66% of the corporate tax burden will fall on middle and lower-income taxpayers making well below $500,000.
Democrat policies are, in no uncertain terms, a disaster for the American people. Our businesses and livelihoods will suffer as a direct result of the radical whims of congressional Democrats championed by the White House.
Make no mistake — Democrats in the White House and Congress haven’t just failed the American people — they are doing everything in their power to keep us from succeeding, to destroy small businesses and force their socialist agenda on Main Street America.
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These proposed tax regulations will undermine small businesses, bankrupt lower-income taxpayers, and enable China to continue its uncontested economic growth. Any effort to subvert outright opposition to the radical tax plan is an insult to the American people.
Tennesseans are tired of the Democrats’ “historic” agenda. We do not want record-breaking tax hikes. We need leaders who put our needs above those of their party, and Democrats have proven themselves incapable of that task.
About the Author: Marsha Blackburn is the senior United States Senator from Tennessee. A businesswoman, she is a member of the Republican Party. Blackburn was a state senator from 1999 to 2003 and represented Tennessee’s 7th congressional district in the U.S. House from 2003 to 2019. On November 6, 2018, she became the first woman to be elected to the U.S. Senate from Tennessee, defeating former Democratic Tennessee Governor Phil Bredesen. She took over as the state’s senior senator in January 2021, when outgoing Senator Lamar Alexander retired. Follow Blackburn on Twitter @MarshaBlackburn and Facebook.