Biden's jobs plan wins big support in small business survey — even on raising taxes
President Joe Biden has proposed raising the United States corporate tax rate from 21% to 28%, although he has suggested that he is willing to compromise and raise it to 25% instead if necessary. And according to a new survey by the organization Small Business for American's Future, most small business owners in the United States are in favor of a corporate tax hike.
The survey was conducted from April 17 to May 5, and 1,052 small business owners participated. Small Business for America's Future found that eight in ten of them supported Biden's American Jobs Plan, and 67% of the participants favored raising corporate taxes in order to pay for it.
According to Small Business for America's Future, "76% of small business owners think the American Jobs Plan will boost the economy, and 72% say it will help small businesses specifically; 51% of small business owners say raising taxes on Americans making more than $400,000 would not harm small businesses."
The United States' top corporate tax rate was lowered to 21% from a top marginal rate of 39% when former President Donald Trump signed the Republican-sponsored Tax Cuts and Jobs Act of 2017 into law. Democratic critics of the law argued that it was nothing more than a gift for the wealthiest Americans, and Small Business for America's Future's survey found that most small business owners believe that large corporations are undertaxed in the United States.
Small Business for America's Future found that "72% of small business owners in the survey believe that the current tax code favors large corporations" and that "75% of small businesses do not believe that large corporations pay their fair share of taxes." And according to the organization, "76% agree that small businesses are harmed when corporations use loopholes to avoid paying taxes."
In an official statement, Anne Zimmerman — who co-chairs Small Business for America's Future — said, "Main Street small business owners clearly want an infrastructure plan that will propel them forward as they recover from the pandemic, and a tax code that works for them, not large corporations. Not only does the American Jobs Plan leave the vast majority of small business taxes unchanged, it leaves corporate taxes lower than they were just three years ago. Small business owners see this plan as a big win."
