Today, Senate Budget Committee Chairman Bernie Sanders released a budget resolution to allow for up to $1.75 trillion of new tax increases. The following is a statement from Chris Smith, Executive Director of the Main Street Employers Coalition:
The Main Street Employers coalition strongly opposes the Senate budget resolution released today. The resolution calls for $1.75 trillion or more in higher taxes in the coming years. These tax hikes represent a triple threat to Main Street businesses still struggling to recover from the pandemic – they hit employers when they earn profits, when they sell their business, and when they try to pass it on to their children. Voters — 2 to 1 — oppose these tax increases because they understand that the higher taxes will be passed on to American workers in the form of higher prices, fewer jobs, and lower wages. The Biden tax plan represents one of the most anti-Main Street plans ever proposed, and this budget resolution brings the Biden tax plan one step closer to becoming law. That’s bad news for Main Street and the millions of Americans who work there.
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