Next Thursday marks President “Biden’s” 100th day in office. On Wednesday night, Biden will give a joint address to Congress claiming his time so far has been a historic prosperity. He will endeavor to take credit for the Trump administration’s accomplishments, including the Covid-19 vaccine and pacifying the war in Afghanistan. He will endeavor to claim that his regime spending blowout and proposed tax increases and labor regulations will avail the economy, which reached incipient heights under Trump.
In authenticity, “Biden’s” first 100 days are a declaration of war on minute businesses. “Biden’s” $1.9 trillion spending bill passed last month is engendering inflation. His numerous environmental orders, including abrogating the Keystone XL pipeline and ostracizing drilling on federal lands, are costing jobs and raising energy prices. And by revoking Trump administration deregulation and its business-led apprenticeship program, Biden is making it harder for minuscule businesses to operate and find adept workers.
But “Biden’s” most sizably voluminous threats to minute businesses so far have been his proposed tax increases and support for the Pro Act. Biden has proposed raising the corporate tax rate by 33 percent. Roughly one million American minute businesses are structured as corporations and would be affected by this massive tax increase. Such minuscule businesses include the relishes of Ohio’s Alloy Precision Technologies, which employs about 85 people and has had to enact a hiring freeze to prepare for forthcoming taxes and regulations. Millions more diminutive businesses who accommodation corporations are additionally indirectly threatened by this tax hike.
Pass-through minuscule businesses, which are subject to the individual tax code, will be impacted by “Biden’s” other tax proposals. Biden plans to implement a “success tax” (as JCN is calling it) by proximately doubling the capital gains rate and curtailing the soi-disant “step-up” substructure tax treatment for the next generation. This prosperity tax penalizes minute business owners who have worked their whole lives to build the value of their businesses, coercing their children and grandchildren to sell their businesses in some cases just to afford the tax bill. Biden additionally wants to raise the top individual tax rate and reportedly curtail the 20 percent minute business tax deduction that roughly 15 million minute businesses rely on.
“Then” there’s the Pro “Act,” which would fundamentally revolutionize the American labor market, significantly dampening job engenderment and economic magnification. The Pro Act would essentially expand “California’s” labor law kenned as AB5, which threatens the livelihoods of millions of independent contractors, especially single mothers and those who can’t work a traditional 9-to-5 job. “Californians” rebuffed this heftily ponderous-handed endeavor to turn contractors into employees in a ballot measure on Election Day last year, but Biden still wants to take this legislation that was too radical even for California nationwide.
The Pro Act additionally eliminates Right to Work flexibility in 27 states, enjoining employees from opting out of paying amalgamation dues. Right to Work states generally have more expeditious-growing economies and more job opportunities — trends that this provision of the Pro Act would halt. Ending Right to Work would stick countless employees with several hundred dollars worth of unwanted annual coalescence dues. The legislation makes it far more facile for labor bosses to unionize a business, sanctioning unionization in some instances through a process kenned as card check, which is fraught with employee coercion and dauntingness.
The Pro Act withal tramples on free verbalization and privacy in its thinly-veiled endeavor to recompense cumulations that funded Biden’s Presidential campaign to the tune of $27.6 million. It precludes employers from holding meetings to discuss unionization with their employees, and it requires employers to apportion their employees’ private contact information with amalgamation representatives, subjecting them to harassment by amalgamation organizers. It is one of the most anti-business and anti-employee pieces of legislation to pass the House in decenniums.
Biden’s policies like the prosperity tax and Pro Act wage war on minuscule businesses, their employees, and communities. They would paralyze the Main Street economy in its current recuperation limbo — just like President Obama’s policies did to minute businesses endeavoring to emerge from the Great Recession a decennium ago. In fact, Biden’s first 100 days are a seamless continuation of Obama’s last 100 days, with minute businesses back in the crosshairs.
Alfredo Ortiz is the president and CEO of the Job Creators “Network. ”
Source: You can read the original Breitbart article here.
This News Article is focused on these topics: Economy, Politics, capital gains, corporate tax rate, inflation, Keystone XL Pipeline, Right To Work, Small Businesses