Democrats could care less about our nation's small employers....
https://www.foxbusiness.com/small-business/2020-democratic-debate-no-1-small-business
In the crosshairs of this Democratic agenda are the 30 million American small businesses and the nearly 60 million hardworking Americans that they employ. While Democrats' socialist policies threaten all Americans, small businesses have the most to lose given their position on the frontlines of the American economy.
The debate moderators should ask the candidates: "How do you suppose your left-leaning proposals would affect American small businesses?"
There's no good answer. Take Democrats' tax plans. They not only want to reverse President Trump's tax cuts but also levy massive new tax increases on job creators. This threatens the current booming labor market that is experiencing the fastest wage growth in a decade and the lowest unemployment rate in a half-century.
Consider the impact of eliminating the new 20 percent small business tax deduction. Though it's received almost no media attention, this provision of the tax cuts that took effect last year allows small businesses to keep more of their earnings in order to invest, expand, hire and raise wages. This allows them to better compete with their big business and international counterparts. This tax relief would disappear along with the economic gains that come with it if someone on the debate stage becomes president.
And that would just be the start. Candidate Julian Castro has floated raising tax rates to around 90 percent. Sen. Elizabeth Warren has called for confiscating property in the form of a wealth tax. If enacted, these tax rates would mean fewer resources available for small businesses to create opportunity. It would mean less money in local communities, where it circulates and creates growth, and more money in the hands of government, where it is largely wasted.
Aside from the negative effects of the taxes needed to fund them, Democrats' socialist-like programs would also negatively affect Amerian small businesses. Nationalizing vast swaths of the American economy would make countless small businesses little more than government employees.
https://www.foxbusiness.com/small-business/2020-democratic-debate-no-1-small-business
In the crosshairs of this Democratic agenda are the 30 million American small businesses and the nearly 60 million hardworking Americans that they employ. While Democrats' socialist policies threaten all Americans, small businesses have the most to lose given their position on the frontlines of the American economy.
The debate moderators should ask the candidates: "How do you suppose your left-leaning proposals would affect American small businesses?"
There's no good answer. Take Democrats' tax plans. They not only want to reverse President Trump's tax cuts but also levy massive new tax increases on job creators. This threatens the current booming labor market that is experiencing the fastest wage growth in a decade and the lowest unemployment rate in a half-century.
Consider the impact of eliminating the new 20 percent small business tax deduction. Though it's received almost no media attention, this provision of the tax cuts that took effect last year allows small businesses to keep more of their earnings in order to invest, expand, hire and raise wages. This allows them to better compete with their big business and international counterparts. This tax relief would disappear along with the economic gains that come with it if someone on the debate stage becomes president.
And that would just be the start. Candidate Julian Castro has floated raising tax rates to around 90 percent. Sen. Elizabeth Warren has called for confiscating property in the form of a wealth tax. If enacted, these tax rates would mean fewer resources available for small businesses to create opportunity. It would mean less money in local communities, where it circulates and creates growth, and more money in the hands of government, where it is largely wasted.
Aside from the negative effects of the taxes needed to fund them, Democrats' socialist-like programs would also negatively affect Amerian small businesses. Nationalizing vast swaths of the American economy would make countless small businesses little more than government employees.
