Biden Policies to Increase Taxes on Small Businesses

Biden Policies to Increase Taxes on Small Businesses

( – During President Joe Biden’s campaign and his first eight months in office, he asserted the only people impacted by tax hikes would be large corporations and the wealthy. Of course, he never detailed how he would accomplish such a task. Now, it appears his words and deeds have little to do with one another.

Within the $3.5 trillion spending package, there is no clause protecting small businesses from tax increases set to impact the wealthy. During the framework’s initial release, Democrats promised to add an exemption to keep small businesses from experiencing tax increases. They failed to include it in the expanded product, which will go to vote soon.

Now, millions of businesses, big and small, face tax increases. The $3.5 trillion spending spree will likely halt growth in the economy’s private sector.

Prior to President Biden’s presidency, he reduced his family’s taxes by almost $517,000 using the Gingrich-Edwards loophole, a tax strategy the Tax Policy Center says isn’t illegal but is aggressive and ethically questionable.

Is it unfair that a president who used questionable tax loopholes to amass a family fortune now wants to stifle job-creating enterprises with additional tax burdens?

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