WASHINGTON, D.C. - Today the U.S. Chamber of Commerce is launching an initiative providing detailed data on how President Biden’s proposed tax increases will impact small businesses throughout each state.
The U.S. Chamber’s analysis of IRS and Census data reveals there are 1.4 million small businesses that will be negatively impacted by the proposed tax increases. These include small businesses in every sector of the economy, including agriculture, construction, health care, real estate, finance, and more.
As part of the initiative, the U.S. Chamber is providing each state delegation information on how many employers in their state would see their taxes increase, including how many small businesses with fewer than 500 employees will be impacted. The data is then broken down by small businesses in selected industries. Click here to see how each state will be impacted by these tax increases.
“Small businesses across the country are helping lead the economic recovery—the last thing they need are harmful tax increases,” said Suzanne Clark, President and CEO, U.S. Chamber of Commerce. “Under President Biden’s proposal to raise corporate taxes, U.S. job creators would be hit with the highest corporate tax rate in the developed world. The Biden administration’s claim that the tax increase would only affect big corporations is false. The truth is, 1.4 million small businesses would face a tax hike, making it harder for them to hire, grow, and compete. Congress must do the right thing for America’s small businesses and workers and reject these proposed tax increases.”
In addition, today the Chamber is leading a day of action, urging constituents to contact their member of Congress and tell them that increasing the corporate tax rate is bad for their state and the nation. You can follow along on social media with #RecoveryNotTaxes.