Exactly how bad does the left hate small business?

m.knox

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Aug 20, 2003
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This bad.

80% of new IRS revenue will come from small businesses earning under $200K: tax experts​


https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/

Small business owners may soon be in for a lengthy and expensive battle with the IRS, tax experts warn.

A key provision in the Inflation Reduction Act — which throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income — will end up targeting small business owners to pay for the legislation, according to nonpartisan watchdog the Joint Committee on Taxation.

The group estimates that between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from small businesses making less than $200,000 annually.

Just 4% to 9% would come from businesses making north of $500,000 a year — meaning the legislation is in sharp contrast to President Biden’s longstanding claim that he wouldn’t raise taxes on anyone making less than $400,000.

“The IRS will have to target small and medium businesses because they won’t fight back,” Joe Hinchman, executive vice president at National Taxpayers Union Foundation, told The Post. “We’ve seen this play out before … the IRS says ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far.”
 

tIUguy2

Well-Known Member
May 25, 2016
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3,951
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This bad.

80% of new IRS revenue will come from small businesses earning under $200K: tax experts​


https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/

Small business owners may soon be in for a lengthy and expensive battle with the IRS, tax experts warn.

A key provision in the Inflation Reduction Act — which throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income — will end up targeting small business owners to pay for the legislation, according to nonpartisan watchdog the Joint Committee on Taxation.

The group estimates that between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from small businesses making less than $200,000 annually.

Just 4% to 9% would come from businesses making north of $500,000 a year — meaning the legislation is in sharp contrast to President Biden’s longstanding claim that he wouldn’t raise taxes on anyone making less than $400,000.

“The IRS will have to target small and medium businesses because they won’t fight back,” Joe Hinchman, executive vice president at National Taxpayers Union Foundation, told The Post. “We’ve seen this play out before … the IRS says ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far.”
But, but, but...wouldn’t small business owners be welcome under the big tent?
 
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m.knox

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But, but, but...wouldn’t small business owners be welcome under the big tent?

Hell no. They represent freedom to choose; therefore they are a threat to the democrats.
 
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m.knox

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Aug 20, 2003
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Was someone talking about how stupid democrats were??