EXCLUSIVE: Sen. Rand Paul, R-Ky., is out with a new report showing the Democrats’ proposed tax hike on pass-through entities would fall disproportionately on small businesses.
Paul, the top Republican on the Senate Small Business Committee, said that if Democrats succeeded in raising the tax, more than 8.3 million businesses would be impacted.
“Small businesses everywhere are already struggling with record high prices on everything from gas and rent to labor and supplies needed to run their businesses,” said the senator. “And now, as the U.S. faces historically high inflation, Senate Democrats seem completely content with adding to their struggles by passing yet another tax and spending spree.”
Congressional Democrats have long been eager to raise taxes on pass-through businesses, which are not subject to the corporate tax rate. Instead, owners of such businesses claim any profits as income on their individual tax returns.
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