Biden s tax hike would devastate small businesses Follow Us
Question of the Day
ANALYSIS/OPINION:
At his Wednesday evening address to a Joint Session of Congress, President Biden opened a new front in his war on small businesses by announcing a slew of new tax increases that would punish job creators. The proposed tax hikes are part of Biden‘s new American Families Plan, a $1.8 trillion spending blowout that rewards his union donors who contributed $27.6 million to get him elected.
This spending plan is Part II of Biden‘s so-called “infrastructure” effort. The first installment the American Jobs Plan is also paired with dramatic tax increases on small businesses. Together, these tax hikes would devastate small businesses and destroy the economic recovery that Biden has already slowed with his existing social spending.
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Unemployment Is High. Why Are Businesses Struggling to Hire?
Health concerns, expanded jobless benefits and still being needed at home are among the reasons would-be workers might be staying away.
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There are two distinct, and completely opposite, ways of looking at the American job market.
One would be to consult the data tables produced every month by the Bureau of Labor Statistics, which suggest a plentiful supply of would-be workers. The unemployment rate is 6 percent, representing 9.7 million Americans who say they are actively looking for work.
Alternately, you could search for news articles mentioning “labor shortage.” You will find dozens in which businesses, especially in the restaurant and other service industries, say they face a potentially catastrophic inability to hire. The anecdotes come from the biggest metropolitan areas and from small towns, as well as from touristdestinations of all varieties.
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