{"id":598091,"date":"2021-07-20T14:50:23","date_gmt":"2021-07-20T18:50:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=598091"},"modified":"2021-07-20T14:50:32","modified_gmt":"2021-07-20T18:50:32","slug":"war-on-small-business-top-advocacy-groups-rip-democrats-proposal-to-strip-tax-deduction","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/war-on-small-business-top-advocacy-groups-rip-democrats-proposal-to-strip-tax-deduction\/","title":{"rendered":"\u2018War On Small Business\u2019: Top Advocacy Groups Rip Democrats\u2019 Proposal To Strip Tax Deduction"},"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\">28<\/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%2Fwar-on-small-business-top-advocacy-groups-rip-democrats-proposal-to-strip-tax-deduction%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=598091&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--><ul>\n<li><strong>Leading small business advocacy groups condemned Senate Democrats\u2019 proposal to eliminate a key tax deduction as part of a tax reform bill on Tuesday.<\/strong><\/li>\n<li><strong>\u201cSenator Ron Wyden\u2019s proposal to limit the Small Business Deduction and raise taxes on small businesses is the wrong plan at the wrong time,\u201d National Federation of Independent Business Vice President of Federal Government Relations Kevin Kuhlman said in a statement Tuesday.<\/strong><\/li>\n<li><strong>\u201cCurtailing [the deduction] would amount to a dramatic escalation in Democrats\u2019 war on small businesses and slow the economic recovery and job creation,\u201d Job Creators Network President Alfredo Ortiz said. \u201cDemocrats must not be allowed to milk productive small businesses to enable their big government agenda.\u201d<\/strong><\/li>\n<\/ul>\n<p>Leading small business advocacy groups condemned Senate Democrats\u2019 proposal to eliminate a key tax deduction as part of a tax reform bill on Tuesday.<\/p>\n<p>Democrats\u2019 proposed removal of the so-called pass-through entity tax deduction would harm small business owners\u2019 ability to hire, increase worker compensation and innovate, according to the National Federation of Independent Business (NFIB) and Job Creators Network (JCN). Senate Finance Committee Chairman Ron Wyden <a href=\"https:\/\/www.finance.senate.gov\/imo\/media\/doc\/7.19.21%20Small%20Business%20Tax%20Fairness%20Act.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">introduced legislation<\/a> Tuesday that would repeal the tax break, a 20% deduction for pass-through entities, which most U.S. small businesses qualify as, Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-20\/senior-democrat-proposes-cap-on-trump-era-business-deduction\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>.<\/p>\n<p>\u201cSenator Ron Wyden\u2019s proposal to limit the Small Business Deduction and raise taxes on small businesses is the wrong plan at the wrong time,\u201d NFIB Vice President of Federal Government Relations Kevin Kuhlman said in a <a href=\"https:\/\/www.nfib.com\/content\/press-release\/homepage\/nfib-latest-effort-to-limit-small-business-deduction-would-hurt-small-businesses\/\" target=\"_blank\" rel=\"noopener noreferrer\">statement<\/a>. \u201cCurtailing the Small Business Deduction would directly hurt small businesses\u2019 ability to hire, invest in their businesses, and increase employees\u2019 compensation, and threatens the fragile economic recovery.\u201d<\/p>\n<p>Kuhlman added that more than 90% of all small business owners support making the deduction permanent. The plan would also represent a divergence from President Joe Biden\u2019s tax proposals, which didn\u2019t include removing the popular tax break, he said. <strong><a href=\"https:\/\/dailycaller.com\/2021\/05\/12\/joe-biden-donald-trump-tax-cut-and-jobs-act\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Biden\u2019s Plan Keeps Some Trump Tax Cuts, Despite Campaign Promises)<\/a><\/strong><\/p>\n<p>\u201cIt was only a matter of time before tax hungry Democrats came after the 20 percent small business tax deduction as Sen. Wyden has proposed,\u201d JCN President Alfredo Ortiz said in a <a href=\"https:\/\/www.jobcreatorsnetwork.com\/press_releases\/democrats-expand-war-on-small-businesses-by-seeking-to-curtail-20-percent-small-business-tax-deduction-to-fund-their-socialist-programs\/\" target=\"_blank\" rel=\"noopener noreferrer\">statement<\/a>. \u201cNo small business is safe with Democrats on the hunt for new tax hikes needed to fund their historic spending plans to implement their socialist policies.\u201d<\/p>\n<div id=\"attachment_7240935\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7240935\" loading=\"lazy\" class=\"size-full wp-image-7240935\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-scaled-1.jpg\" alt=\"Senate Finance Committee Chairman Ron Wyden speaks during a June 8 hearing. (Tom Williams\/Pool\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233339803-2048x1365-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7240935\" class=\"wp-caption-text\">Senate Finance Committee Chairman Ron Wyden speaks during a June 8 hearing. (Tom Williams\/Pool\/Getty Images)<\/p>\n<\/div>\n<p>Ortiz stressed that the deduction, which effectively reduces the tax rate paid by most small businesses from 37% to 29.6%, is important to ensure Main Street can compete with major corporations.<\/p>\n<p>\u201cCurtailing [the deduction] would amount to a dramatic escalation in Democrats\u2019 war on small businesses and slow the economic recovery and job creation,\u201d he said. \u201cDemocrats must not be allowed to milk productive small businesses to enable their big government agenda.\u201d<\/p>\n<p>But Wyden insisted that the bill wouldn\u2019t affect small businesses in multiple statements Tuesday. Rather, it would only affect the <a href=\"https:\/\/dailycaller.com\/2021\/06\/08\/internal-revenue-service-wealthy-americans-taxation-jeff-bezos\/\" target=\"_blank\" rel=\"noopener noreferrer\">wealthy<\/a> who use it as a loophole to <a href=\"https:\/\/dailycaller.com\/2021\/04\/07\/amazon-corporate-tax-rate-joe-biden-avoidance-tax-haven\/\" target=\"_blank\" rel=\"noopener noreferrer\">avoid taxes<\/a>.<\/p>\n<p>\u201cFew policies showcase Republicans\u2019 commitment to giveaways to the top 1% like the pass-through deduction created in their 2017 bill,\u201d Wyden told Bloomberg in a statement. \u201cThe mega-millionaires get to write-off 20% of their income while middle-class accountants are cut out. This makes no sense, and my bill would overhaul the deduction to ensure its benefiting Main Street small businesses.\u201d<\/p>\n<p>Business owners who make $400,000 per year will continue to benefit from the deduction under Wyden\u2019s plan, which would also raise $100 billion in new tax revenue, <a href=\"https:\/\/americansfortaxfairness.org\/wp-content\/uploads\/Six-Reasons-to-Support-Sen.-Wydens-Small-Business-Tax-Fairness-Act.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to Americans for Tax Fairness. Only \u201creal small businesses\u201d would qualify, the group said.<\/p>\n<p>\u201cLet\u2019s be clear: Democrats are not raising taxes on true Main Street small businesses. In fact, this proposal cuts taxes for Main Street small businesses,\u201d he added in a statement to <a href=\"https:\/\/thehill.com\/policy\/finance\/563799-top-democrat-offers-bill-to-overhaul-tax-break-for-business-owners?rl=1\" target=\"_blank\" rel=\"noopener noreferrer\">The Hill<\/a>. \u201cWe\u2019re also not going to let Republicans and their special interests falsely characterize every mega-millionaire as a small business.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading small business advocacy groups condemned Senate Democrats\u2019 proposal to eliminate a key tax deduction as part of a tax reform bill on Tuesday. \u201cSenator Ron Wyden\u2019s proposal to limit &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-598091","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\/598091","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=598091"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/598091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=598091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=598091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=598091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}