{"id":1563778,"date":"2022-07-21T06:30:13","date_gmt":"2022-07-21T10:30:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1563778"},"modified":"2022-07-21T07:04:34","modified_gmt":"2022-07-21T11:04:34","slug":"rand-paul-warns-dems-proposed-tax-hike-would-impact-8-3m-small-businesses","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rand-paul-warns-dems-proposed-tax-hike-would-impact-8-3m-small-businesses\/","title":{"rendered":"Rand Paul Warns Dems\u2019 Proposed Tax Hike Would Impact 8.3M Small Businesses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frand-paul-warns-dems-proposed-tax-hike-would-impact-8-3m-small-businesses%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1563778&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>&#8216;WSJ at Large&#8217; host says a plan to tax some high-income earners is another sign of how out of touch the Democratic Party has become on &#8216;Cavuto: Coast to Coast.&#8217;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><strong>EXCLUSIVE: <\/strong>Sen. Rand Paul, R-Ky., is out with a new report showing the Democrats&#8217; proposed tax hike on pass-through entities would fall disproportionately on small businesses.\u00a0<\/p>\n<p>Paul, the top Republican on the Senate Small Business Committee, said that if Democrats succeeded in raising the tax, more than 8.3 million businesses would be impacted.\u00a0<\/p>\n<p>&#8220;Small businesses everywhere are already struggling with record high prices on everything from gas and rent to labor and supplies needed to run their businesses,&#8221; said the senator. \u00a0&#8220;And now, as the U.S. faces historically high inflation, Senate Democrats seem completely content with adding to their struggles by passing yet another tax and spending spree.&#8221;\u00a0<\/p>\n<p>Congressional Democrats have long been eager to raise taxes on pass-through businesses, which are not subject to the corporate tax rate. Instead, owners of such businesses claim any profits as income on their individual tax returns.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/us\/crime-inflation-deal-devastating-one-two-blow-inner-city-communities\" target=\"_blank\" rel=\"noopener\"><strong>CRIME AND INFLATION DEAL DEVASTATING ONE-TWO BLOW TO INNER CITY COMMUNITIES<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2020\/03\/931\/523\/AP20078651589066.jpg?ve=1&#038;tl=1\" alt=\"Senator Rand Paul\" \/><\/div>\n<div class=\"caption\">\n<p><span>Sen. Rand Paul, R-Ky., speaks on the Senate floor at the U.S. Capitol in Washington, D.C., Wednesday, March 18, 2020.<\/span><span> (Senate Television via AP \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n<p>Currently, Democrats are eying a 3.8% tax on pass-through businesses to bolster federal funding for Medicare. Lawmakers also say the tax hike would kick in after a certain threshold in order to ensure the wealthy pay their fair share.\u00a0<\/p>\n<p>However, Republicans say that framing is deceptive. They point to Census Bureau data that shows 64% of all small businesses in America are incorporated as pass-through entities.\u00a0<\/p>\n<p>Paul said the tax hike was inappropriate given that small businesses were already being squeezed by 40-year high inflation.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/politics\/wapo-gives-white-house-3-pinocchios-for-claim-that-congressional-republicans-want-middle-class-tax-hike\" target=\"_blank\" rel=\"noopener\"><strong>BIDEN GETS 3 PINOCCHIOS FOR SAYING &#8216;CONGRESSIONAL REPUBLICANS&#8217; WANT MIDDLE CLASS TAX HIKE<\/strong><\/a><\/p>\n<p>&#8220;Now is not the time to raise taxes on America\u2019s already vulnerable small businesses,&#8221; he said.\u00a0<\/p>\n<p>Earlier this month, the Joint Committee on Taxation, a bipartisan panel tasked with assessing the fiscal impact of legislation, found that a pass-through tax would force small businesses to pay more than $252 billion in additional taxes.\u00a0<\/p>\n<p>The report authored by Paul and others on the Senate Small Business Committee went a step further. It found that the tax hike would endanger more than 62% of all small businesses. \u00a0\u00a0<\/p>\n<p>Those small businesses employ a total of more than 76.2 million Americans.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong>CLICK HERE TO GET THE FOX NEWS APP<\/strong><\/a><\/p>\n<p>Congressional Democrats are weighing including the pass-through tax within a party-line spending package slated to pass later this year. Despite broad agreement on the tax, it remains uncertain if it will be included.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/03\/931\/523\/manchin.jpg?ve=1&#038;tl=1\" alt=\"Joe Manchin\" \/><\/div>\n<div class=\"caption\">\n<p><span>Senator Joe Manchin, a Democrat from West Virginia and chairman of the Senate Energy and Natural Resources Committee, speaks during a news conference.<\/span><span> (Photographer: F. Carter Smith\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>Sen. Joe Manchin, D-W.Va., recently urged his party to delay including tax and climate change provisions within the package until there was a clear picture of the national economy.\u00a0<\/p>\n<p>Without Manchin&#8217;s support, the tax is unlikely to become law. That is because Democrats can only pass the legislation within the 50-50 Senate via a party-line process known as budget reconciliation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8216;WSJ at Large&#8217; host says a plan to tax some high-income earners is another sign of how out of touch the Democratic Party has become on &#8216;Cavuto:<\/p>\n","protected":false},"author":1,"featured_media":1574786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1563778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1563778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1563778"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1563778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1574786"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1563778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1563778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1563778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}