More than 11,000 small business leaders have rallied together in a petition to protest the tax hikes proposed in President Joe Biden’s latest proposed budget.
The National Federation of Independent Businesses organized the effort and recently launched a paid ad campaign against the tax increases.
“Thousands of small business owners from across the nation signed the petition to say the proposed tax increases will be detrimental to their businesses,” said Kevin Kuhlman, NFIB Vice President of Federal Government Relations. “The White House is claiming they are ‘closing a loophole’ by subjecting small business income to a new 5% tax, but that claim is false and misleading. Small businesses are not a tax loophole and ask their elected officials to reject the proposed tax hikes.”
As The Center Square previously reported, the budget includes several proposed tax increases, including a minimum 25% tax on anyone with more than $100 million, an increase of the top marginal income tax rate to 39.6%, a hike of the corporate tax rate from 21% to 28%, a billionaire’s tax, and more.
Biden’s tens of billions of dollars to beef up IRS auditing and enforcement has raised concerns as well with economists saying small businesses will likely be targeted heavily by the audits.
The Tax Foundation released an analysis of the proposed budget, saying it will lead to lower GDP and fewer jobs while raising about $2.5 trillion in revenue.
“President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would add up to nearly $4.8 trillion in new taxes targeted at businesses and high-income individuals,” the group said. “After $833 billion in expanded tax credits, it would raise nearly $4.0 trillion in new taxes on net.”