Politics & Government
Small Businesses tell Congress to Stop Tax Hikes – Wall St vs. Main St
Telegraph-'What Kamala Harris didn't tell you in her speech: She's planning a 'tax armageddon' Candice Price-'Govt Must Help 30M Small Biz'
U.K Telegraph U.S. editor Tony Diver said that Kamala Harris "said she will not increase taxes on middle-class Americans." But per that source, "What Kamala Harris didn’t tell you in her speech: She’s planning a ‘tax armageddon’" and "There is a double raid planned: one hitting estate tax and another hitting capital gains tax." But there is more on tap if an estimated 30 million small businesses don't get the relief that they are seeking. Because tax cuts on smaller businesses put in place during the Trump Administration's Tax Cuts and Jobs Act would mean a serious hike in taxes, according to the sources cited below.
Part I - According to The Center Square
Small businesses tell Congress to stop tax hike
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- By Casey Harper | The Center Square | Sep 27, 2024
(The Center Square) – A coalition of small businesses is calling on Congress to make the 20% small business tax deduction permanent.
Small business leaders visited Washington, D.C. this week to call on lawmakers to pass the Main Street Tax Certainty Act, a bill that would prevent the expiration of a small business tax credit enacted by the 2017 Trump-era tax cuts.
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“One of the problems in Washington, D.C., is introducing uncertainty based on expiring tax provisions, and that creates a lot of problems for businesses across America," Sen. Steve Daines, R-Mont., said at the press conference Thursday. "They don’t know what D.C. is going to do. This is why it’s important that we make these tax provisions permanent so these small business owners behind me aren’t having to worry more about what’s going on in D.C.
“They know that if Congress doesn’t act, it’s going to mean higher taxes and a much more difficult environment for them,” he said.
Small business owners have faced major economic challenges in recent years, from government-mandated pandemic closures that often did not apply to larger corporations in the same way, to the more than 20% increase in prices since President Joe Biden took office.
Whether the tax cut bill can pass this year remains to be seen, though who holds majorities next January could make all the difference.
Small businesses connected to NFIB also spoke at the press conference, asking lawmakers to cut them a break.
“If this Deduction goes away, and prices continue to climb, it can literally be the difference between a small business staying open or closing its doors forever,” Candice Price, co-owner of Home Team Auto Sales, said at the press conference. ##
Some of what the Center Square reported is found in the National Federation of Independent Business (NFIB) press release that follows. Note that the video posted below is linked from the following NFIB press release.
Candice Price is standing behind the podium that says "STOP the massive tax hike on small businesses.
Part II According to the Following NFIB Press Release
ICYMI: At Capitol Hill Press Conference, Small Business Owners, Senator Steve Daines, NFIB President Brad Close Urge Lawmakers to Stop Massive Tax Hike on Small Businesses
Date: September 26, 2024
WASHINGTON, D.C. (Sept. 26, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, hosted a Capitol Hill press conference during its 2024 Small Business Tax Deduction Summit featuring NFIB President Brad Close, Senator Steve Daines (R-MT), and small business owners who called for passage of the Main Street Tax Certainty Act to make the 20% Small Business Deduction permanent for America’s 33 million small businesses.
The 20% Small Business Deduction was created as a part of the 2017 tax law to level the playing field between small businesses and larger corporations. It has empowered small business owners to overcome the economic challenges of the last few years – but it’s set to expire at the end of 2025. The Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent and avoid a massive tax hike on a majority of America’s small businesses.
NFIB President Brad Close, Senator Daines, and NFIB members shared how the expiration of the 20% Small Business Deduction would impact Main Street, their employees and communities, and the broader U.S. economy.
U.S. Senator Steve Daines said:
“I am a champion for the ‘Main Street Tax Certainty Act.’ This is something we must pass, because if we do not do this next year, many of the businesses, the small businesses across America, will face about a 30 percent increase in their taxes. “One of the problems in Washington, D.C., is introducing uncertainty based on expiring tax provisions, and that creates a lot of problems for businesses across America. They don’t know what D.C. is going to do. This is why it’s important that we make these tax provisions permanent so these small business owners behind me aren’t having to worry more about what’s going on in D.C. They have enough to worry about as it is. Let’s not add Congress to their worry list. We need to make these tax provisions permanent. And I’m grateful to stand with these business owners in this fight on Capitol Hill.”
Watch Daines’ full remarks here.
NFIB President Brad Close said:
“The small business owners here today are here to tell Congress that they need to pass the Main Street Tax Certainty Act. They need to make the 20% Small Business Deduction permanent. They know that if Congress doesn’t act, it’s going to mean higher taxes and a much more difficult environment for them.”
Watch Close’s full remarks here.
California Small Business Owner Beth Booth, owner of Spaces Renewed in San Diego, said:
“With record high inflation, fuel, energy, food costs, and interest rates, middle class families like mine are suffering. My employee’s families are suffering. When you think of small business, I’m asking you to think of me. I am the mom of 5 little kids. I work full time to provide food for them and put food on their table. And every dollar I spend on a tax burden is a dollar I don’t get to invest in my people, my community, and in my business. We are asking Congress to act…..and don’t commit to the climate of uncertainty. We are asking you to step up, support the middle class, and make these tax cuts permanent.”
Watch Booth’s full remarks here.
Nebraska Small Business Owner Candice Price, co-owner of Home Team Auto Sales, said:
“Small Businesses like ours are the foundation of the American economy. The 20% Small Business Deduction has enabled us to be able to grow our business…expand, buy equipment, and now it is enabling us to hire. If this Deduction goes away, and prices continue to climb, it can literally be the difference between a small business staying open or closing its doors forever. Congress has already given the permanent tax relief to big businesses; they must do the same for the 30 million small businesses in America.”
Watch Price’s full remarks here.
West Virginia Small Business Owner Michael Ervin, owner of Coal River Coffee Company, said:
“For us, community is at the heart of everything we do. We’ve taken the tax savings from the [small business deduction] and put them right back into the community. We’ve reinvested in the coffee shop, we’ve hired more staff, we’ve opened other small businesses as well. But without Congressional action, the deduction will expire, and we will be hit with a massive tax hike. This will have drastic problems for not only my business, but all of Main Street across America.”
Watch Ervin’s full remarks here.
Massachusetts Small Business Owner Neil Abramson, owner of consignment stores across New England, said:
“The Small Business Deduction has allowed us to invest in our team, allowed us to invest in our infrastructure, and allowed us to invest in growing our business…It’s time for Congress to say, ‘It’s not about Wall Street, it’s about Main Street.’ You hear it during the election cycle [but] Congress can show us that by passing the Main Street Tax Certainty Act. They need to show us that we are more than a Saturday in November.”
Watch Abramson’s full remarks here.
Related Content: NFIB & Small Business Press Releases | National ##
Part III - Additional Information with Analysis and Commentary
It should be obvious that when Democrats passed legislation that planned to hire 87,000 new IRS agents that those would mostly be involved in audits not of the ultra wealthy but rather of the lower and middle classes.
According to the House Ways and Means Committee at this link here:
Fact Check: Hell-bent on Supercharging IRS Against Middle Class, Democrats Once Again Mislead Public
As Republicans drew closer to passing legislation to protect the middle class and small businesses from an IRS supercharged with 87,000 new agents that would audit them, Democrats resorted to repeating long debunked arguments. Here are a few:
Claim: Republicans are falsely claiming the IRS will hire 87,000 new agents.
Fact: Treasury’s own proposal published in 2021 shows that the IRS would add 86,852 full-time equivalent employees by 2031. When CBO analyzed the proposal, it acknowledged the IRS would more than double its head count.
Read: Brady on Manchin-Biden Bill: Attention Wal-Mart Shoppers–More IRS Audits Headed Your Way
Claim: The IRS isn’t hiring for 87,000 new positions, they’re just replacing retiring employees.
Fact: False—new funding is not needed to replace retiring employees because when an employee retires, the funding for that employee remains unspent until the position is filled again. If they weren’t hiring tens of thousands of people, they wouldn’t need $80 billion dollars. Even the Washington Post acknowledged this while partially retracting claims in a previous fact check.
There is more at this link here.
According to the Tax Foundation, here are some of their findings on Kamala Harris' tax proposals.
"On tax policy, Harris carries forward much of President Biden’s FY 2025 budget, including higher taxes aimed at businesses and high earners. She would also further expand the child tax credit (CTC) and various other tax credits and incentives while exempting tips from income tax.
On a gross basis, we estimate that Vice President Harris’s proposals would increase taxes by about $4.1 trillion from 2025 to 2034."
"We find the tax policies would raise top tax rates on corporate and individual income to among the highest in the developed world, slowing economic growth and reducing competitiveness. The tax credits and other carveouts would complicate the tax code, run more spending through the IRS, and, together with various price controls, fail to improve affordability challenges in housing and other sectors.
Many tax policies remain unspecified, including how Harris might deal with next year’s expiration of the Tax Cuts and Jobs Act (TCJA)."
"The wide range of possibilities reflects considerable uncertainty about her fiscal policy stance at this point, leaving a large void regarding how she might deal with the already unprecedented, dangerous, and unsustainable federal debt trajectory.
Table 1. Long-Run Economic Effects of Vice President Harris’s Tax Proposals
Gross Domestic Product (GDP)
-2.0%
Gross National Product (GNP)
-1.8%
Capital Stock
-3.0%
Wage Rate
-1.2%
Full-Time Equivalent Jobs
-786,000
Source: Tax Foundation General Equilibrium Model, September 2024."
So, some of the very things that the NFIB and others have said about the Harris-Walz tax plans would appear to impact smaller businesses as they have claimed in the report and press release shown in Part I and II above.
While Republicans made changes to reign in Democrats plans to beef up the IRS after they took the gavel in the U.S. House, GovExec said the following on January 9, 2024.
"IRS plans to continue hiring spree despite setback in new budget deal
The agency hopes to hire 20,000 employees in fiscal 2024."
According to Forbes: "As of 2023, there are a mere 735 billionaires in the U.S." So, it is clear that most of those new IRS agents are not going to be going after billionaires, who in many cases helped get Joe Biden and Kamala Harris into office in the first place. As the report linked below indicated, routinely Democratic supporting 'Wall Street' is worried that if Trump and Vance get elected, that their policies will boost earnings for employees, thus helping the working and middle class at the expense of big corporations.
Rebeka Zeljko – ‘Wall Street Worried Trump Election Victory Will Benefit Citizens by Increasing Earnings for Americans thus Cutting Corporate Profits’ U.S. plus MHVille Facts with Analysis
It is essential that those who simply take the word of a politician because they have a "D" behind their name dig deeper into the facts. See the related reports to learn more. Stay tuned to this periodic series on the Patch ##
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L. A. “Tony” Kovach and his family live in a manufactured home on private property in Winter Haven, FL. He is the co-founder of ManufacturedHomeLivingNews.com and
ManufacturedHomeProNews.com, trade publications serving segments of the manufactured home industry. Having worked in several segments of the manufactured home industry for over 3 decades, Kovach is a widely acknowledged and often praised expert on manufactured housing.
