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focusing on the number of people the biden administration is misleadingly claiming your tax proposals would have a small effect. the actual statistics show more than half of pass-through business incomes could face tax increases. the u.s. chamber of commerce has about 1.4 million small businesses who employ 13 million americans would be hit by higher corporate tax rates. and the president of the national federation of independent business says the impact will be devastating. saying if these tax heights go through, the damage will be severe and long-lasting come of that country may recover in time, but countless small businesses won t live to see it. john. john: hillary for us on capitol hill, thank you. sandra. sandra: hillary, thank you, let s bring in larry kudlow, we show you, you look frustrated with what you heard from the president this morning, saying that he has this paid for, this massive spending plan, it s all ready paid for.
17 million people would get an increase. right. steve: however, there is a very steep cost. there are very, very steep cost. i went through the entire cbo report. this year benefits and non-benefits wages obviously would go up but just give me jesuslessness would go up. business incomes would go down. consumer prices would group and u.s. economic output would go down. out of the five american categories wages would go up. 10 million people in poverty and 7 million out of poverty would see a wage increase 1.3 million jobs eliminated from the economy. and by the way. steve: why would that be? if you are a business, okay, and you are a small business and you have to and right now paying 9 bucks and forced to pay 15, you have got five employees you may let one go. these numbers get more dire as you get more households. most of these households may have more than one person working minimum wage.
that in effect a corporation, so you pay the 21%, the new corporate tax rate, is that right? is that why the benefit is most likely to come to him? the passthroughs are an idea where you take business income, whether it s a partnership or an s-corporation or could be real estate or some industry, and you pass through the business profits to the owners. the idea was to make sure that business incomes are taxed at the appropriate rate. the rate at which the owner should be taxed. if they re a high income individual, taxed at a high rate, if they re low income individual, taxed at a low rate. it was an innovation to try to get things right. when they changed the rates, however, there are winners and losers. among the winners are anybody with a passthrough structure because we have lowered the rate on that. that includes real estate developers. which of course the president is. it includes real estate developers. which the president often reminds us he is. robert, the claim here fr