Business / Government Watch / Politics

The Biden Administration’s Attack on Small Businesses  

The American people face more empty promises from The Biden Administration as his presidency spirals out of control with inflation, taxes, and uncertainty. To avoid drowning in the surge of inflation, most small business owners have to raise prices to make ends meet. Others are choosing to operate in the red since they are still not back up to pre-pandemic levels, says the Washington Times. Only 7% of small businesses are fully recovered from the pandemic.  

In 2021, many hard-working Americans were still struggling to stay afloat while the media was swept off their feet by the idea of The Build Back Better Plan. This $1.7 trillion package was proposed to fund an array of social investments from lower education and healthcare costs to extending the expanded child tax credit, says Forbes. The White House claimed “the working class is the back bone of the country. For too long, the economy has worked for those at the top, while working families get the short end of the stick.” Their rhetoric so far has been uninspiring to the American people and Senators in their own party. Senator Joe Manchin (D-WV) challenged Biden’s proposal by stating, “I’ve never found out that you can lower costs by spending more.”  

Small business owners continue to live in fear of more tax increases after reviewing Biden’s Fiscal Year 2023 budget proposal that includes at least 36 direct tax hikes on Americans. Those new taxes stack up to $2.5 trillion over the next decade. Tax increases include erasing much of the 2017 tax cuts, which helped bring unemployment levels to historic lows and economic growth to historic highs following its passage. In our day-to-day lives, we will be experiencing higher prices of goods and services due to this change, and tax increases would only make the situation worse for consumers. A 2020 study by the National Bureau of Economic Research found that 31% of the corporate tax falls on consumers. Americans are already scraping to make ends meet as inflation hits its highest reading in 40 years, so how will they weather more tax hikes and bad economic news?  

Biden plans to increase the top income tax rate to 39.6%, hitting small businesses organized as sole proprietorships, LLCs, partnerships, and S-corps. He created a new “billionaire’s minimum tax,” which would tax unrealized gains for the first time in history. He doubles the number of families subject to the hated death tax. The budget also proposes to repeal deferral of gain from 1031 like-kind exchanges. That would complicate things for small real estate investors by forcing them to forego new investments or take on unneeded debt. Small businesses of all shapes and sizes would come out on the losing end if these policies were implemented.    

Hardworking Americans have been weathering the storm since the pandemic, but there seems to be no ray of hope in sight under this administration and current leadership in Congress. Voters in November will decide if Democrats in Congress truly have America’s small businesses’ best interests in mind.  

Bob Carlstrom is President of AMAC Action  


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Patty
1 month ago

It’s BAD, people …. VERY “bad”.
And regular everyday people who “are” paying attention, don’t even know the half of it!

dan
1 month ago

elites control govt. big problem.

dan
1 month ago

all illegal. 2nd amendment!

pete kennedy
1 month ago

I run a small business. Biden and crew are killing the small businesses.
However, if you want to destroy a country a key element is to eliminate the middle class.
Small business is the middle class.

Deb
1 month ago
Reply to  pete kennedy

Rich and poor and the middle class destroyed. I bet biden votes in the middle class didn’t see that coming

Noel Holtz
1 month ago

From the day JFK died and possibly as far back as FDR (although secretly in the closet) the Democrat Party has hated America, Americans, Small Businesses and anything God-fearing.
Power is their only desire and they have done everything to get it and will do anything to keep it. Since the unveiling of The Man-Child and now Brandon’s Folly, the outlook for the hated is bleak indeed. Whether or not TJ said it, it is time for that certain Tree to be refreshed, but I see a lot of writing and hear a lot of words, yet still the Patriots are silent. The clock is running to save this Nation and the hands are near the top.

K. Martin
1 month ago
Reply to  Noel Holtz

The patriots are NOT silent. They talk and talk and talk. In fact, that’s all they do is talk. All talk and no action. Of course, we’ve seen that if they DO talk, as they tried to do on 1/6/2021, they were immediately arrested and jailed, with many still in jail to this day.

WILLIAM MCKENZIE
2 months ago

The Marxist Democratic Party is doing all it can to make the population destitute and desperate for a government handout. They’ve been doing this since the party’s inception, so this isn’t new.

David Roberts
2 months ago

I agree wholeheartedly!!!

Laura
2 months ago

What happened to Biden’s promise of no new taxes? And he’s obviously going after small businesses. How can you tell if Biden is lying? His lips are moving.

johnh
2 months ago

This week , big news is Musk making a $25 Billion for Twitter. This reminded me, what happened to or what is status of the similar account that Donald Trump was putting together last year? Is is up and working as it seems like Trump had about $200M donated to help with cause.. Does anyone know, thanks.

Cherie
1 month ago
Reply to  johnh

It is called Truth Social and it’s up and running. Download the app and check it out.

K. Martin
1 month ago
Reply to  Cherie

But I understand it’s only available on iPhones, of which many don’t have nor can afford. I, for instance, have only a PC.

John
2 months ago

I believe small business owners are more in tune with the deranged financial policies of this administration than the titans on Wall Street. For those conservatives who are well-read and up on their history, it should come as no surprise that this administration, or any Democrat administration, destroys the supply side of our economy – without fail. They are hell-bent on destruction of livelihoods, businesses, and private ownership of income and land. One constant fear of mine is that it will take years (if at all) for the electorate (the governed) to wake up and realize Democrats have always been a destructive cancer within within our gates. The hour is late and does not look good.

Marie Langley
2 months ago

I am so worried that we will never be able to recover from all of this damage Biden has done. It will take a long time even if we take back the House and Senate and a Republican is elected in 2024.
Shame on the people who voted for this wrecking ball clown!!!!!

Pete from St Pete
2 months ago

The attack on small businesses is part of the long term plot to force them to consolidate or sell out to big businesses. Why? It makes it easier to keep track of them so they can be regulated and taxed with less effort. In other words, it will hasten the day when with most business divided up to larger but fewer chunks a socialist government can control peoples’ lives easier and with fewer outliers to cause them trouble. The socialist utopia will then be realized. (Or so they think)

Tim Toroian
2 months ago

Communistic scum.

D.P.
2 months ago

Fundamentally, the issue is that the current administration does not care one iota about the general public, small businesses, individuals at every level, race, gender or bend……it remains simply a matter of keeping power, greedily grabbing all they can and letting the rest of the country fall into the abyss.
Even the repubs for the most part are included here…..their history does not bode well for their capacity to help….they are no better than the dems in most cases. So…..get out the petroleum jelly, you’re gonna need it!

J C
2 months ago

and we wait for some midterm election that most people think will magically restore what was once the only country on earth that Was the greatest .. Ha we are totally Screwed.. The founding fathers said every 20 years we should scrape the sh-t off the bottom of our shoes and clean house.. Yet we wait. RIP 1776 2022

Sean Richman
2 months ago

Sloppy joey started destroying AMERICA the day that the”IT”was inaugurated,the only other people that he can blame are the”herd”of his fellow democRATS and”RINOS”.

J C
2 months ago
Reply to  Sean Richman

Barry Hussein Soetoro Mooslum terrorist started this, Pedo retard Joe continues the program..

pete
2 months ago
Reply to  J C

i call him Nairobi Obie…has a little wit on it’s side…

Cookiepress
2 months ago

pay with cash to small businesses.

Kim
2 months ago
Reply to  Cookiepress

Yes! Thank you! (I didn’t say that.)

ops
2 months ago

Democrats a party of destruction.Promoters of moral decay in society where the words God, Family or Patriotism are words not spoken>

Jake the snake
2 months ago

That’s becuase the democrats are the party of big business and rich people.

anna hubert
2 months ago
Reply to  Jake the snake

If America is to be transformed small business must go because it is America few very rich on top the rest crawling in mud equality for all

Kim
2 months ago
Reply to  anna hubert

How does my small horticultural business cause you to crawl in the mud?

K. Martin
1 month ago
Reply to  Kim

What? Your response to Anna Hubert’s comment makes no sense to me.

Kim
1 month ago
Reply to  K. Martin

She said “small business must go”. And, if I understand her comment correctly, she states that in America, there are very few rich people at the top while the rest crawl in the mud. What does she have against my owning a small business? Is she equating small businesses with mega corporations? (Using punctuation would help clarify her intent.) Is she lamenting loss of the middle class?

I thought that in America capitalism was looked upon as the best economic system, but her comment reveals a different sentiment.

Steve M Weidert
2 months ago

IMPEACH BIDEN!!!!!!!!

I. Marie Eggers
2 months ago

There are good reasons.

Jeanine
2 months ago

Dementia

Alpo
2 months ago

the only problem is—look at what you get to replace him! a useless unknowing uncaring ignorant prostitute who doesnt know where to southern border is !

David Millikan
2 months ago

Democrats = TERRORISM and FASCISM.
Why do you think they Lie, CHEAT, and Protect their TERRORIST buddies like antifa, blm, Iran, China, Taliban, ISIS, CDC, WHO, Fauci, and cnn?
Because DICTATOR Beijing biden is their leader and he’s in their back pocket.

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