The 15% corporate tax, which is an end-run around the global minimum tax Congress wouldn’t vote for, will kill a lot of small business or make them unaffordable for many Americans. In my opinion, the 15% global minimum tax is meant to make the US, like everyone else in the world – struggling and poorer.
Sen. Kyrsten Sinema claimed she would hold out until the wording was changed to not affect small and medium-sized business, but she didn’t.
It hits businesses that make much less than the $1 billion profit threshold. Any business with private equity in its capital structure is now considered a subsidiary of that firm and, therefore, subject to the 15% book tax.
According to Americans for Tax Reform’s John Kartch, it will target 18,000 businesses and 11.7 million people. Biden said he wouldn’t raise taxes on small business, and that’s not what’s happening. SHOCKER!
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It will affect 374 companies in Arizona, and Sinema went along with the bill anyway. The other senator from Arizona, Mark Kelly, also supported the tax and spend inflation bill created by Sens. Schumer and Manchin.
Why do Americans vote for these people? All of this will be passed down to all American consumers.
In the just-released version of the bill, Dems snuck in a tax hike targeting small and mid-sized businesses:
AZ: 374 companies employing 229,000
GA: 615 companies employing 658,000
NH: 94 companies employing 54,000
NV: 129 companies employing 110,000 pic.twitter.com/slypyJvES2
— John Kartch (@johnkartch) August 7, 2022
The language was very specific to include small and mid-sized businesses. Democrats knew exactly what they were doing and didn’t take it out for Sinema. It’s staying as long as Democrats are in charge. These people know what they’re doing and don’t like small businesses. They want large, centralized everything.
Republicans might not be all we hope for, but Democrats are a disaster. First, get rid of them, and then the do-nothings calling themselves Republicans. Can’t we all agree to return the government to the people and not some nameless, unaccountable bureaucracy?
And we will have 87% new IRS bureaucrats who vote for Democrats on board to haunt and hound Americans who don’t have a lot of money because that is where the money is.
Good reason to be skeptical of Democratic claims that 87,000 new IRS employees will target only ‘wealthy tax cheats.’ From Washington Post: https://t.co/2SnklBgcPq pic.twitter.com/XYkKbczXOy
— Byron York (@ByronYork) August 10, 2022
wpDiscuz
