Biden & Pelosi set to impose tax hikes on small businesses | Eastern NC Now
Another promise broken, more destructing coming
The White House this week tried to downplay it by asserting Biden's increase in the top marginal income tax rate would "only" hit three percent of small businesses.
Three percent of 31.7 million small businesses is 951,000 small businesses. And the White House failed to mention the one million small businesses organized as C-corporations: the Biden plan calls for a federal corporate tax rate increase to a higher-than-communist China rate of 28 percent.
So that's at least 1.9 million small businesses that will get hit with Biden tax increases -- which does not even include the number of small businesses that would get hit from Biden's elimination of stepped-up basis.
The Tax Foundation notes that IRS statistics "show more than half of pass-through business income could face tax increases" under Biden."
Full article with list of changes on zerohedge.com
What is it with the government state and federal going out of their way to destroy small businesses any way they can?
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