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: