White House economic advisers and Small Business Administration Director Isabel Guzmán joined thousands of small business leaders to detail the plan and answer questions
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The government of Joe Biden seeks that the US productive sector is part of its ambitious infrastructure plan that aims to detonate employment in a massive way, for this requires the fence of 30 millions of small businesses in the country .
Earlier in the week, government officials met with small business leaders to explain Biden’s infrastructure plan together with issues related to climate change and racial politics.
Economic advisers of the White House and Small Business Administration Director Isabel Guzmán joined thousands of small business leaders to detail the plan and answer questions .
The meeting discussed the fiscal issue, Guzmán said that the fiscal plan will help There is a balance between small businesses and large corporations, by ensuring that they cannot eliminate the taxes they owe .
Most small businesses are transfer organizations, as limited liability entities and S corporations that do not pay corporate taxes.
Instead, owners report business income and pay the tax on their personal tax returns. Depending on income, small business owners could pay between 10% and the 37% of your income.
Fortune companies 500, for their part, paid an average rate of 11, 3% in 2018, due to tax deductions and other measures that reduce their tax liability, according to the Institute of Taxation and Economic Policy.
An official of the White House involved in the effort, informed Reuters that the “vast majority” of small businesses will get rid of a tax increase according to the president’s plan .
The member of the government stated that small businesses will not be affected by im additional posts on large corporations , but what they will benefit from are all programs.
These types of benefits may promote the creation of a large number of jobs in this sector of the economy. Also, the White House seeks that large companies are part of this process, mainly due to their tax structure that many see as generous for large companies such as Walmart and Amazon.
In this sense, the government is forging alliances that will serve as a counterweight to the large business groups, which are part of the Chamber of Commerce and the Business Roundtable, who have spoken out against the plan to increase the corporate tax rate of 21% to the 28% .
Biden seeks to limit the ability of companies to evade taxes by shifting profits abroad. The Biden plan faces an opposition from Republican legislators , who weigh the interests of large companies.
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