Small businesses brace for Biden admin. keen on raising taxes
UPDATED 1:12 PM PT – Wednesday, January 20, 2021
Many business owners may see significant tax increases under Joe Biden’s administration, which could be the final straw for those struggling to survive.
Policies designed to slow the spread of the coronavirus have crippled local stores by reducing traffic, canceling in-person services and making an already difficult situation worse.
“What’s drove this store over the last 79 years or 55 years of the North Park Little League is: A mom or a dad walking in and saying to me, ‘Greg, I need a red belt, pair of blue socks, and a pair of medium gray baseball pants,’” owner of AB Sporting Goods, Greg Schloss, said. “And I give it to them, they go on down the road and then the next one comes in.”
Stores continue fighting to keep their doors open, but the decision doesn’t always come easily. Schloss noted he is 61 years old and the store has run its course as it closes after 70 years of business.
“Any time you’re running a family business…regardless of what you’re selling,” Schloss said. “It’s a struggle to keep the doors open in good times.”
While small business owners recognize the money given in stimulus relief has to come from somewhere, they said raised taxes would only compound their struggle.
Republican lawmakers seem to agree.
During the Senate confirmation hearing for Biden’s treasury secretary nominee, Sen. Chuck Grassley (R-Iowa) said raising taxes during a pandemic would cause damage to the businesses that fuel America.
“The incoming administration has also identified interest in raising taxes,” Grassley stated. “As I’ve already indicated to the nominee, I think it would be a big mistake to raise taxes on individuals and businesses as they struggle to an economic recovery in a pandemic.”
According to the ‘Tax Foundation,’ the proposed plan would eliminate over 500,000 full-time equivalent jobs.
If Congress moves forward with Biden’s tax proposal, not only will taxes go up, but Americans can expect brand new taxes in the future.