In an effort to give President Joe Biden a win and to upend his status as a lame-duck executive before the 2022 midterm elections, Democrats are reviving parts of Build Back Better and with a plan to raise taxes on job creating Americans.
According to Americans for Tax Reform, Democrats' new plan will crush small business and further destroy the economy.
"Senate Democrats are set to introduce legislation that contains a $252 billion tax increase on small businesses...With the economy struggling and inflation out of control, now is the worst time to increase taxes on businesses," ATR warns. "This tax increase would be included in the Democrat’s trillion-dollar tax and spend proposal that is being negotiated by Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-W.Va.)."
Democrats are out of touch with the small business community. They apparently have no staff members that have the awareness or courage to pipe up and tell the boss that it is totally bonkers to raise taxes on small businesses right now. https://t.co/jQY0I2gNKA
— John Kartch (@johnkartch) July 12, 2022
"Democrats are proposing to expand the 3.8 percent net investment income tax (NIIT) which was created under Obamacare. Currently, the tax is imposed on individuals’ passive business income, including interest, dividends, annuities, and royalties. It is not imposed on wage income or nonpassive business income. It applies to taxpayers with modified adjusted gross income (MAGI) of $250,000 for married filers or $200,000 for single households," ATR continues.
Senate Republicans are calling the proposal "Build Back Broke." Hundreds of trade associations have signed a letter opposing the legislation.
While inflation is at a 40-year high, Joe Biden and the Democrats are working on resurrecting their Build Back Broke plan.
— Sen. Marsha Blackburn (@MarshaBlackburn) July 12, 2022