• State by State Analysis: Impact of Proposed Tax Increases on Small Businesses

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    State by State Analysis: Impact of Proposed
    Tax Increases on Small Businesses

     
     

    The Biden Administration has proposed $3.6 trillion in tax increases, including increasing the corporate tax rate by one-third to 28% along with a host of other tax increases on employers. 

    Proponents of these tax increases have sought to defend the proposal by suggesting that the tax increases would only impact relatively few large corporations. But analysis of IRS and Census data reveals that there are 1.4 million small businesses with fewer than 500 employees that will be directly impacted by the proposed tax increases. 

    Just as businesses are beginning to recover from the pandemic, the administration’s proposal would increase by one-third the tax rate paid by many employers. 

    See how small businesses in your state would be impacted:
    https://uschamber-webassets.s3.amazonaws.com/2021-07-tax/ohio.pdf


    Businesses throughout the nation are still recovering from the pandemic. Our employers and workers need economic recovery, not harmful tax increases. 

    The proposed increase to the corporate tax rate would hurt American employers, including 1.4 million small businesses with fewer than 500 employees.  

    I am urging you and all members of Congress to do the right thing for American businesses and not increase the corporate tax rate.
    FOLLOW THIS LINK TO TAKE ACTION AND TELL YOUR MEMBER OF CONGRESS TO REJECT PROPOSED TAX INCREASES: 
    https://www.uschamber.com/state-state-analysis-impact-of-proposed-tax-increases-small-businesses

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