STUDY: Biden Tax Proposals Could Crush Small Business Owners

When Joe Biden campaigned, he and Democrats did so on the platform of hammering the wealthiest in this country with higher taxes so they could “pay their fair share.”

When we saw his tax plan, we stated at the time it would have a devastating effect on retirement accounts and possibly even small business owners.

The Tax Foundation recently analyzed the plan, and it came to the same conclusion regarding small business owners being collateral damage in Biden’s tax plan.

Small Businesses Will Pay the Price

One of the ways Biden wants to tax the wealthy in this country is by changing the tax code on capital gains.

While it would impact the country’s wealthiest, the Tax Foundation also found that it could hit small family-owned businesses just as hard.

Currently, an inherited family-owned business would not incur any additional capital gains tax liability unless the business was sold.

Even then, the only tax liability would be for the gain during his or her ownership period.

By repealing what is known as the “step up,” that would change rather significantly.

The study found that family-owned farms, for instance, would have an average increased tax bill of $700,000, which exceeds the yearly income of many of these farms, effectively putting them out of business.

The analysis of the proposed tax plan, which was penned by economist Alex Durante, stated, “The Biden administration has primarily focused on increasing taxes on top earners to generate revenue to fund its spending priorities.

“However, these proposals would hit many pass-through businesses and much of pass-through business income, including small businesses, family-owned businesses, and farms.”

It will now be up to Republicans in Congress to ensure this never happens.

Source: Fox Business

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15 Responses

  1. This joe and ho administration, doesn’t care who it hurts, it’s all about destroying the USA and turning us into the U.S.S.A. !!!!!

  2. Real Americans are getting shafted more and more by this administration !!! What does this administration want – another “one against another” campaign ??? This administration is sick to the core !!! Americans had better stand up or lose a beautiful country !!!

  3. Biden & crony Democrats’ objective is to destroy the economy by destroying the backbone of America’s economy destroying small businesses.

  4. Tax, tax, tax, and more tax! The demonrat way of doing things. When will people wake up, leave the demonrat party( I did when Obama was running) and go Republican? Stop the destruction of our country by stopping voting for any demonrat.

  5. These Marxists are sick and evil “people” who will stop at nothing to get what they want! Sorry ungrateful, greedy, self-absorbed, irrational, mentally ill FREAKS, this is MY COUNTRY and you can’t have it!!

  6. You know every time I read comments about this country is being destroyed because of biden and harris, than why are they in the white house? I voted for Trump and I always will vote for any Trump that runs for a office in my gov. As long as I live. Come on America vote for US and TRUMP we need our 45th President back in Office to make this USA great again. and any democ-rats that voted for biden need to stop complaining if you voted for biden. Vote Republican and get our country back to working and less unempolyment like before, only 3% when Trump was in office. These thing’s I ask of you in the name of our God and Country.

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