More than 8.4 million Main Street businesses would be hit with higher taxes under Democrats’ “Mom & Pop Paycut.” Democrats’ plan to expand the small business surtax, known as the Net Investment Income Tax (NIIT), adds $262 billion in new taxes on America’s family owned businesses that are already facing a looming recession and severe labor shortages.
These 8.4 million S-Corps and partnerships, which make up sixty-four percent of small businesses, employ nearly half of American workers and would be subject to this new tax under Democrats’ plan.
Ways and Means Member Rep. Vern Buchanan (R-FL) highlighted a new chart from the U.S. Senate Committee on Small Business and Entrepreneurship showing a state-by-state breakdown with how many businesses would be affected by the “Mom & Pop Paycut.”
READ: “Mom & Pop Paycut” is a Small Business Surtax on America’s Small Business Owners
You might want to consider running a detailed article on the so-called U.S. Chips bill that looks like 16 Republicans just helped the Democrats get through the filibuster process in the Senate. First off, the size of the bill has mushroomed from $52 billion dollars to now over $250 billion dollars in just a matter of hours. The bill was a bad idea to start with, as the U.S. semiconductor business is one of the most profitable and high-growth sectors of our economy. It was primarily designed to benefit Intel, who through bad management policies over the last 5 to 7 years, has lost market share to other U.S. semiconductor companies. The federal government should NOT be picking winners and losers with taxpayer dollars!
Now the bill has been hijacked to be much, much worse by loading it up with nearly $200 billion in additional spending authorizations for various federal government departments and agencies. Basically a money giveaway to various federal government departments and agencies so they can ramp up personnel and control of more of the private sector. None of which as anything to do the U.S. semiconductor industry. At the speed the bill is moving through Congress, it may very well be passed by both chambers of Congress by early next week.
As for the new tax the Democrats want to enact to target small businesses in this country, the Democrat Party has always desired to target small businesses as they offer competition to the major companies that usually support Democrat candidates via large campaign donations. The federal government has most large companies scared, via constant threats to either regulate or tax them to death or otherwise use the power of the federal government to crush them. So the federal government already exerts tremendous control of that sector of the economy through intimidation.
Politicians just don’t care because it doesn’t cost them anything.
More Agenda of FASCIST liberals DESTROYING OUR COUNTRY by TREASON.
DEPORT Washington D.C. to
COMMUNIST China where they BELONG.
Not far enough away.
Deport to the newly discovered, center of the universe!
Elections do have consequences … and DemocRat rigged elections likely have devastating consequences! What is it going to take to get the voting system fixed and un-riggable???
The Democrats have no interest in fixing a system they broke that benefits them at election time. As for most Republicans in Washington and in certain states, they don’t want to bring the subject up because then they would have to admit there was substantial fraud in the 2020 election and they just sat there denying all the evidence.
Folks like McConnell and McCarthy wanted Trump gone. Trump was too much of a threat to them and their side deals. Even if that meant allowing the Democrats to steal the Presidential election. So they are certainly NOT going to push for any sort of action from the federal level. It appears the Democrats have been allowed to create a “new normal” for how elections are done in the United States.
the aim of the game is to destroy the last bit of independence
No business= No taxes=No services
Burn Down Better?
Lenin and Stalin had absolute power so they deported and starved their middle class. Back then that meant anyone with a cow, a couple of pigs and the forage to feed them. Arent we lucky that our communists only want to bankrupt us?
Bankrupting us is only the start. They have much larger plans for humanity that just our impoverishment.
you click on the new chart line
Dave, click on the new chart line
COMMENT TO PAUL E
If possible, I think you should run for public office…we need people who can still use and believe in common sense. I look forward to your comments and explanations of the true intent concerning our current political mess….your straight forward explanation of the action by the present administration and politicians on both sides are so helpful in understanding what is really happening …a really good example of the chip legislation being pushed through. I HEREBY CHALLENGE AMAC ACTION TO ADD YOU TO THEIR EDITORIAL STAFF TO TELL US WHAT IS REALLY HAPPENING!!!!
Hi mjl,
Thanks, but I have zero interest for running for any sort of public office. I spent a few years of my overall career working for the Federal Reserve and that provided me with more than enough insight on how the overall federal government functions or should I say doesn’t function well at all. Amazingly, the federal government is more messed up than most state governments. To say the processes and methodologies of the federal government needs a top to bottom overhaul to make it more efficient, cost effective and generally more responsive to the real needs of American citizens overall, beyond being a glorified ATM for every single special interest group, wouldn’t be an understatement. That kind of massive change can only be accomplished from the top, the Presidency with a strong and willing Congress backing him or her up. Even then the system will resist every single change with everything they’ve got.
I’m NOT a politician. I’m way too honest to obfuscate to people constantly and I don’t believe in deflecting from tallking about the real issues that are before us. So I’m obviously NOT a good fit for any elected role. Thanks anyway.
7/22/2022
AMAC READERS MEMBERS:
JOIN ME IN REQUESTING THAT PAUL E BE ADDED TO AMAC ACTION EDITORIAL STAFF…TO REALLY PROVE THEIR UNBIAS ORGANIZATION…PROOF OF HIS COMMON SENSE APPROACH ..HIS COMMENTS ON TERM LIMITS, CHIP BILL BEING PUSHED AND WHAT IT REALLY COVERS…PAUL APPARENTLY READS THOSE PENDING BILLS, SOMETHING OUR POLITICIANS CAN’T SEEM TO DO.
They are trying to ruin businesses so the government can control the Mom and Pop sector making those people more dependent on the government.
Please note! When we assume the traitors want to bankrupt us . Not so! It is only the beginning such as total indoctrination of our schools,eliminate church and worship replaced by the state, control of energy{electric cars},, food rations, labor camps but really death centers and the lists goes on. Adolph Hiter pulled the same game and destroyed the country,economy. and the youth of a generation. .So I challenge you! Novembers vote May change the name on the door but how do we get change and keep it? Met a Jewish. Woman that spoke of pictures of Jewish bodies just before the furnace step which they use to remind people that it can happen and again. Do we need this to cause patriots to step forward?. If we get the vote in November. How do we KEEP change? In 1962 the Soviet Premier shouted at a U N conference” We will defeat you from within” and he was ignored..This man’s drive and knowledge lead to a Soviet victory at Stalingrad which was considered lost, Anything look familiar. We can’t go to sleep while they take over and destroy us We need a leaders direction and future goals to reverse this mess. We need walls to remove our traitors once and for all. I’m an old man hope to see America in good hands before I die. The reason for the Surtax is to destroy the middle class and only rich and poor existIf we want to work long hours for food only just do nothing. May God bless America and our constitution.
Do the demonrats care??
Bwaaahahahaha. Not in the least.
…and that’s being charitable…
The Manchin, Biden Inflation Relief Bill will be a mill-stone around their necks. Manchin will rue the day he threw his constituents under the bus for a pipe line that will never see the light of day. Biden? Well he just hates everyone of us and spends whatever cognoscenti time he has left to prove it. A pox on both of them.