How Would Biden Administration Tax Policy Impact Businesses In Your State?
As Connecting the Dots readers are aware, the Biden Administration has proposed $3.6 trillion in tax increases, including a provision to raise the corporate income tax rate by one-third to 28 percent. That proposal comes 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 a U.S. Chamber of Commerce analysis of Internal Revenue Service and U.S. 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.
The administration’s proposal would increase by one-third the tax rate paid by many employers. Click here to see the data on how employers in each state would be impacted by these tax increases. The site includes a breakdown by small businesses in selected industries and a link to send a letter to lawmakers asking that they oppose these tax increases.
Read more here about how the Biden tax plan will impact capital gains tax rates.