Washington, D.C. – The $3.5 trillion (actually $5 trillion) reckless tax-and-spend bill written by socialist Bernie Sanders is a nightmare for working Americans and small businesses. In fact, it would force New Hampshire small businesses to pay a tax rate higher than they do in communist China! Maggie Hassan continues to evade questions about whether or not she supports the bill, hoping Senators Manchin and Sinema can save her from taking a tough vote. However, with her 99% voting record with Chuck Schumer, we have no doubt she’ll vote for the bill regardless.
Hassan Should Oppose New Tax on Small Business Investment
By: Nate Tennant
According to the Federal Reserve, the COVID-19 pandemic and ensuing economic tumult in 2020 resulted in the permanent closure of roughly 200,000 more small businesses than historically close in a typical year.
The federal government certainly did its part to help small businesses survive. Through the Paycheck Protection Plan and other bipartisan initiatives, Washington kept millions of small businesses afloat and ensured millions of Americans kept getting a paycheck.
Unfortunately, some of the more radical members in the majority party in Congress are pushing a proposal that would slam the same small businesses just as many of them are beginning to turn the corner. They want to insert a major new Small Business Investment Tax into the $3.5 trillion American Family Plan. This tax increase would target “carried interest” and will make private investment in small businesses significantly less attractive. It will slow economic growth, cost jobs, and shutter businesses.
As a member of the Finance Committee in the U.S. Senate, Maggie Hassan will have an important voice on the final outcome of this tax increase legislation, H.R.1068 in the House and S.1598 in the Senate. She needs to put the interests of small business owners in New Hampshire and their employees ahead of the Washington politicians and their endless quest for more tax dollars.
There is little doubt this legislation would be disastrous for the small business climate in America. In a recent study, the U.S. Chamber of Commerce argues this tax increase would cost our economy 4.9 million jobs over the next five years by reducing private investment.