ICYMI: New Analysis Shows Small Businesses Will Benefit From The Build Back Better Agenda
FOR IMMEDIATE RELEASE: August 19, 2021
PRESS CONTACT: [email protected]
ICYMI: NEW ANALYSIS SHOWS SMALL BUSINESSES WILL BENEFIT FROM THE BUILD BACK BETTER AGENDA
Washington, D.C. — Today, the Treasury Department and the National Economic Council issued an analysis showing that the President’s Build Back Better agenda will protect 97% of small businesses owners from any increases in their income tax rate while also delivering tax cuts to nearly 4 million entrepreneurs nationwide.
The President’s plans will reform the tax code so that it no longer disproportionately benefits multinational corporations and prevents entrepreneurs from getting the capital they need to grow. By reforming our tax system so that it’s fairer for Main Street, the President’s plans will make investments in small businesses, create jobs, and grow our economy.
Read the full White House Fact Sheet HERE.
Key highlights from the announcement:
- Reforming the tax code and leveling the playing field for small business owners:
- Raising the corporate income tax rate to 28 percent
- Strengthening the global minimum tax for big multinational corporations
- Reducing incentives for ultra-low off-shore corporate tax rates
- Instituting a 15 percent minimum tax on book income of big, highly profitable corporations
- Removing incentives for large corporations to offshore jobs and profits
- Ramping up enforcement to crack down on tax avoidance at big corporations
- Giving 3.9 million small business owners a tax cut
- Cutting taxes for small business owners with children.
- Cutting taxes for small business owners who purchase health coverage through HealthCare.gov.
- Helping small businesses retain their workers and compete against big corporations in the 21st century economy with a national, federally-funded paid leave program.
- Increasing small firms’ access to contracting, capital, technical assistance.
- Increasing federal contracting opportunities
- Empowering small business creation and growth in underserved communities
- Giving small businesses the tools to drive the innovation economy
- Helping minority-owned manufacturing businesses gain access to capital
- Creating a new financing facility for small manufacturers
- Increasing access to lending and investment capital
- Strengthening manufacturing supply chains and innovation