Corporate tax hikes would damage businesses, make US less competitive: Norquist
Americans for Tax Reform President Grover Norquist pushes back on Treasury Secretary Janet Yellen’s ‘bizarre’ argument for raising corporate and capital gains tax rates.
The largest small business advocacy organization in the U.S. has launched a "survival campaign" against President Biden's new tax policies.
The National Federation of Independent Business is highlighting concerns with the president's proposed $2.3 trillion American Jobs Plan and $1.8 trillion American Families Plan, which would be paid for by a slew of tax hikes affecting millions of U.S. households and small businesses.
"Small businesses have been hammered by the pandemic and government-imposed shutdowns. They have spent the last year trying to help their employees, keep their doors open, and are ready to hire and grow. But just as the small business recovery is beginning to take hold, Washington wants to hit small businesses with massive tax increases and new mandates," NFIB President and CEO Brad Close said in a statement.
WHAT'S IN BIDEN'S NEWEST $1.8T TAX AND SPENDING PLAN?
He added that small businesses are having trouble finding workers to fill job openings, even as COVID-19 restrictions ease, and face "rapidly rising prices."
"With a record-high 44% of small businesses unable to fill job openings, it is unbelievable that Washington’s answer is to increase their taxes and create more regulations," he said.