Analysis: Latest Version of Senate Democrats’ Reconciliation Bill Raises Taxes on Small Businesses
The latest iteration of the Senate Democrats’ reconciliation bill, known as the “Inflation Reduction Act,” would raise taxes on thousands of small and mid-sized businesses across the country, according to Americans for Tax Reform (ATR).
Senate Democrats changed the language of their new minimum corporate book tax, which would now hit small and midsized businesses well below the $1 billion profit threshold the tax intended to hit.
The new tax would impose a 15 percent minimum tax on the book income of “applicable corporations.” However, the latest change to the book tax would impact any business with private equity in its capital structure.
As John Kartch, vice president of ATR’s communications, said, “Any business that has [private equity] in its capital structure is now considered a subsidiary of that firm and thus subject to 15% book tax.”
s ATR explained:
As written, the provision now appears restructured to define any company with private equity in its capital structure to be considered a subsidiary of that private equity firm for purposes of the tax. This means that these companies would now be swept up in the new 15 percent tax on book income.
This provision would greatly expand the reach of the book minimum tax to apply to small and midsize companies that require capital investment to grow their business.
More than 18,000 businesses held by investment funds and partnerships that employ close to 11.7 million people would be targeted by the new tax increase, according to ATR’s Kartch.
If enacted, this provision would violate President Joe Biden’s campaign pledge to small businesses when he said, “no, taxes on small businesses won’t go up.”
Kartch called on Arizona Sen. Kyrsten Sinema (D) to “remove herself from the bill” in light of her announcement on Thursday that she would vote in favor of the reconciliation bill.
“In Sinema’s Arizona, this Dem tax hike would target [374] companies employing 229,000 people,” Kartch tweeted.
Arizona Republican Senate nominee Blake Masters, who is running against Sen. Mark Kelly (D), blasted Kelly for supporting the reconciliation bill after the small business tax was added:
Masters said:
So we’ve got this Senator, Mark Kelly, he says he loves small business. But we’ve got inflation, and it’s killing business. We’ve got this inflation because of spending that Mark Kelly voted for. And now he’s voting again for, you guessed it, he’s gonna raise taxes on small businesses. Small businesses will have to pay more, 18,000 businesses across the country, hundreds in Arizona, affecting hundreds of thousands of employees soon.
“Thanks to Mark Kelly. They’re all going to have a bigger tax bill. Mark Kelly’s doing more than anyone, literally anyone in Arizona to drag this country further in the wrong direction. It’s got to stop,” Masters continued.
THE ENTIRE INVASION OF MILLIONS OF ILLEGALS IS ALL CAUSED BY ONE BRIBES SUCKING GAMER LAWYER. HIS NAME IS JOE BIDEN!
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“Joe Biden is great on immigration. I guess depends on your perspective. If you’re a human trafficker, or drug dealer, you’d give him an A-plus, but the American people would give him an F. The crisis at our border was not only entirely predictable, it was predicted. I predicted that if you campaign all year long on open borders, amnesty, and health care for illegals, you’re going to get more migrants at the border. That’s what’s happened since the elected." SEN. TOM COTTON
Five Sex Offenders, 20 Gang Members Arrested at Border in South Texas
Rio Grande Valley Sector Border Patrol agents arrested five previously deported sex offenders and more than 20 dangerous gang members during a one-week period of time. The arrests took place along the border and as far inland as 80 miles.
Falfurrias Station Border Patrol agents apprehended Manuel Ramirez, a Honduran national illegally present in the United States. During a background investigation, agents discovered a conviction from a New York court in 2017 for first-degree attempted rape, according to information provided by Rio Grande Valley Sector officials. The court sentenced the Honduran national to four years in prison. The agents also reported the man as a member of the hyperviolent Mara Salvatrucha (MS-13) gang
Two days later, Falfurrias agents arrested another MS-13 gang member. Agents identified the man as a Salvadoran national. A Virginia court sentenced the man to five years in prison following a conviction for carnal knowledge of a child.
Rio Grande City Station agents patrolling the border on August 2 arrested a Salvadoran national and identified him as a member of the Salvadoran 18th Street gang. Court records from El Salvador revealed a history of conviction for attempted homicide, possession of firearms, and theft, officials stated.
The following day, agents from the same station arrested Cesar Campos, a Peruvian national illegally present in the U.S. A records check led to the discovery of a conviction from a New York court for raping a child under the age of 17. The court handed down a sentence of 16 months to four years.
Later that day, Rio Grande City agents also arrested a Honduran migrant with a criminal conviction from a New Jersey court for criminal sexual contact. The court sentenced the man to 12 months in jail.
During the one-week period, agents in the South Texas border sector arrested 11 18th Street gang members, nine members of MS-13, and a Paisa gang member.
Any migrants previously deported following a criminal felony conviction are subject to prosecution in a federal court for illegal re-entry after removal. If charged and convicted, each could spend up to 20 years in federal prison.
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