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Brutal Tax Hike Will Destroy Small Businesses And Retail Investors

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In an ill-advised attempt to make up for the government’s excessive spending, president Joe Biden is planning to impose a brutal $3 trillion tax hike that will ravage businesses spanning all industries across the United States. The extortionate move is expected to hurt investors of all sizes and then make the lives of laborers and customers more financially challenging.

Recently, Kansas congressman Ron Estes expressed his opinion on the matter, covering a variety of concerns regarding the planned massive taxation. The Republican statesman who previously served as Kansas State Treasurer, also cited his party’s accomplishments in establishing a strong economy, only to suffer at the hands of the Democrats.

“Before the pandemic, our economy had taken off thanks to the 2017 Tax Cuts and Jobs Act and to policies that supported hard work and entrepreneurship. Republicans in Congress focused our efforts on making sure that those who start a business on their kitchen table could work hard and take that company to Main Street. The result was the lowest unemployment in 50 years, with more people finding jobs in America than at any point in our history,” Estes wrote in his column.

“Compare that with the Democrats, who are rushing through Congress a 900-plus page tax bill with around $3 trillion in tax hikes and new loopholes,” Estes continued.

Simpletons aggressively use the argument that giant corporations and the filthy rich deserve to be slapped with bigger taxes, but what they don’t get is that small businesses will be feeling a lot of pain from this hike as well. As soon as the businesses can’t handle the burden anymore, they could either close down and contribute more to the employment, or they can lower the operational cost, unfortunately, through salary reduction. Prices of commodities and services will skyrocket and in the end, every ordinary American will carry the brunt of this unreason

“I fear that many small businesses, who have fought so hard to stay afloat while battling large companies that had an easier time bearing the burden of shutdowns, will ultimately fail under the tax and regulation regime of the Biden administration,” Estes stated.

That’s because of the combined effect of increasing the corporate tax rate to 26.5 percent, setting a global minimum tax rate at 15 percent, and increasing capital gains tax — all of which are included in the Biden administration’s tax plan – will create an effective tax rate up to 46.4% for some,” Estes elaborated.

“This would cause many to shutter or be forced to relocate to other countries while severely curtailing investment in American startup companies,” the GOP congressman added.

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