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Media Avail & Statement: Small business owners welcome proposal to ensure large corporations and billionaires pay their fair share of taxes

Statement by Small Business for America’s Future Senior Advisor Rhett Buttle, a business Policy Expert & Biden Campaign Business Advisor Available to Discuss Proposed Corporate Tax Increases and Billionaire Minimum Income Tax

Washington, D.C., March 28, 2022—We are excited to see President Joe Biden propose increasing the corporate tax rate and enacting a Billionaire Minimum Income Tax, which would finally ensure our country’s large corporations and wealthiest citizens pay their fair share in taxes to help fund a federal budget that would rein in childcare costs and reduce the deficit, among other programs that help strengthen our economy and small business. 

Main Street entrepreneurs have long supported proposals to ensure corporations and wealthy individuals like Elon Musk and Jeff Bezos pay their fair share in taxes, and have said doing so does not harm small business. This proposal would increase the incredibly low corporate tax rate of 21% established under the Trump Tax Cuts to a fairer 28%. It would also impose a 20% minimum tax rate on households worth more than $100 million. This is a huge improvement over the average 8% tax rate paid by 400 billionaire families, which is far lower than the rate paid by millions of Americans, including small business owners.

The vast majority of small business owners are not affected by changes to corporate taxes, upper income tax brackets, estate taxes or capital gains taxes because most small businesses are not organized as corporations for tax purposes and the owners are not wealthy. They are, by and large, members of the middle class. Any assertion that taxing the wealthy hurts investment in small business is another version of the theory of trickle-down economics most often deployed to protect the rich. 

The fact is the nation has been through the biggest financial shock we’ve seen in a century and all Americans—corporations and billionaires included—need to do their part to help us rebuild. Ensuring large corporations and those worth $100 million or more pay their fair share so we can reduce deficits that soared under the Trump Corporate Tax Cuts, rein in childcare costs that keep women out of the workforce, and fund other programs that help small businesses recover will help us all. Afterall, America’s small businesses employ nearly half the country’s workers, bring economic vitality to all our communities, and traditionally create most of the jobs that pull us out of recession. This is a fair and patriotic proposal to help rebuild our country.

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.