Joe Biden to Fight for Tax Hikes in 2024 Budget: ‘I’m Gonna Raise Some Taxes’Wendell Husebø 3 Mar 2023
President Joe Biden will fight to force taxpayers to pay even more corporate taxes in next week’s 2024 proposed budget, which is likely to impact both large and small businesses.
Although the business term “corporation” is widely associated with large companies like Chevron, Berkshire Hathaway, and McDonald’s, C-corporations can be both large and small businesses.
According to the Small Business Administration (SBA), 31.7 million small businesses exist in the United States. Eighty-one percent, or 25.7 million, have no employees (run and operated by a single person) and 19 percent, or 6 million, have paid employees.
The SBA also estimates that small businesses account for 65.1 percent (10.5 million) of net new job created from 2000 to 2019 and comprise 99.7 percent of firms with paid employees.
In mid-March, Biden will issue a proposed budget to Congress that will likely include tax increases on small businesses, intended to reduce the deficit from massive government overspending.
“I want to make it clear: I’m gonna raise some taxes,” Biden said in Virginia Beach on Tuesday.
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https://www.breitbart.com/politics/2023/03/03/joe-biden-to-fight-for-tax-hikes-in-2024-budget-im-gonna-raise-some-taxes/
