On July 20, 2022, U.S. Senator Rand Paul(R-KY) Ranking Member of the US Senate Committee on Small Business and Entrepreneurship, released a report on small businesses in Kentucky that are in danger of tax hikes under a tax and spending spree.

“Small businesses in Kentucky are already struggling with record high prices on everything from gas and rent to labor and supplies needed to run their businesses. And now, as the U.S. faces historically high inflation, Senate Democrats seem completely content with adding to their struggles by passing yet another tax and spending spree,” said Dr. Paul. “Now is not the time to raise taxes on Kentucky’s already vulnerable small businesses.”

Highlights:

• Democrats are considering increasing taxes to pass-through business owners.
• Despite promises that these taxes are targeted towards the wealthy, these taxes put 91,142 small businesses in Kentucky in danger of a tax hike.
• While Democrats claim that their tax hikes are aimed at the wealthy shareholders, these business owners employ 62 percent of the Kentucky’s small business workforce, which would put an estimated 894,738 workers in danger.

Small Businesses In Danger of Tax Increase In Kentucky:

In the midst of historical levels of inflation(9.1%) over last year, Democrats are considering increasing taxes to pass-through business owners. Despite promises that these taxes are targeted towards the wealthy, these taxes put 64% of small businesses(91,142 small businesses)in the state in danger of a tax hike simply because they chose to organize as a entity pass-through entity.

While Democrats claim that their tax hikes are aimed at the wealthy
shareholders, these business owners employ 62% of the state’s
small business workforce, which would put an estimated 894,738
workers in danger.

The U.S. National Average:

An estimated 8,365,284 small businesses (64% of small businesses nationwide) are in danger of a tax hike. These small businesses account for 76,251,996 jobs (62% of the small business workforce).

With historically-high levels of inflation, now is not the time to raise taxes on already vulnerable small businesses.

Ranking Member Senator Rand Paul, MD. You can send a message to Rand Paul about taxes at: paul_schedule@paul.senate.gov

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