Democrats Raising Taxes On Who?
American families are furious.
Republican Senator Rand Paul released a new report showing Americans just how the Democrats’ newly proposed tax hike on pass-through entities would unfairly tax small businesses across the United States.
According Fox, Paul warned that if Democrats succeed in raising these taxes then over 8.3 million businesses will be negatively impacted.
Paul explained, “Small businesses everywhere are already struggling with record high prices on everything from gas and rent to labor and supplies needed to run their businesses. And now, as the U.S. faces historically high inflation, Senate Democrats seem completely content with adding to their struggles by passing yet another tax and spending spree.”
Congressional Democrats have been itching to raise taxes on pass-through businesses which are exempt from the corporate tax rate. Instead owners of these businesses take any profits as income on their individual tax returns.
Democrats want to add an 3.8% tax on pass-through businesses to enrich the Medicare program. Republicans are warning that the Democrats are being deceptive and if this tax hike happens then 64% of all small businesses in America will be affected.
“Now is not the time to raise taxes on America’s already vulnerable small businesses,” Paul explained.
