Democrat-backed tax hike would fall on more than 62% of America’s small businesses, that’s 8.3 Million Small Businesses nationwide.
At a time when our nation’s small businesses are already struggling to bounce back after 2 years of mandates and lockdowns, the democrats swoop in to save the day with a proposed tax increase that would force businesses to pay a whopping $252 Billion dollars in additional taxes.
“The idea that our economy can withstand the additional pressure from big government directed towards small business is truly an insane notion. Combine this with the fact that the EIDL loan payments for small business start this October so millions of small businesses will be hit with a monthly repayment. While these are 30 years 3% loans, it still hits the bottom line on cashflow,” Beaman stated.
The proposed tax would affect pass-through businesses, which are not subject to the corporate tax rate. Instead, owners of such businesses claim any profits as income on their individual tax returns. Congress tries to justify this as a tax only on the rich. However the data shows that 64% of small businesses are pass through entities.
Q&A:
- How badly do you believe small businesses will be hurt by this bill? Is that statement accurate?
- It sounds like it will come down to budget reconciliation with a deadlock vote in Congress. Could this be good news and lead to a possibility of the bill getting revamped to better suit smaller businesses?
- Why do you believe there’s so much difficulty preparing a business tax that would affect the wealthy? Congress states this bill would do that, but it seems to be hurting smaller businesses.
- Between inflation and what happened with COVID-19, aren’t enough things happening with small businesses already? Don’t you believe that some sort of grant to help them along would benefit them more than a levied tax?
- If you had the opportunity to draw up a version of this bill based on this expertise, what direction would you take?
- Where may we get more information on what we discussed and your services? Answer: www.ElevareClub.com
Steve Beaman Bio:
Steve Beaman, Self-taught, self-made millionaire. From the depths of financial despair to the heights of financial prosperity, from the heights of happy marriage, the depths of divorce and destruction, Steve has seen it all. Father of six children, bible believing Christian, and formerly founding partner with Chicago Investment Analytics, a Wall Street Research firm sold to Charles Schwab in 2000.
Presently, founder & chairman of White Thorne Holdings, a small business incubator and business think-tank. The Company was created using Steve’s money to build and develop companies that serve the small to mid-size business community and presently holds several small businesses including The Elevare Club, Kashify, Merchant Master, LLC., JobFormance, LLC, and Acciva Ltd, LLC These four companies work with the small business community to help them succeed.
Prior to founding White Thorne, Steve devoted six years to raising his children and during that time, to “give back” and ensure adequate time was available to raise his children, he developed The Society for the Advancement of Financial Education – S.A.F.E., a not-for-profit company dedicated to helping individuals and businesses build better and more prosperous lives through financial & economic education. He is the author of “The Path to Prosperity”, “The American Dream Under Fire”, two published e-books, a 2 volume, 12 disk audio library, and over 100 S.A.F.E. Insights highlighting key economic and financial issues facing people today. He has been the keynote speaker at numerous events, industry conferences and has been a guest on innumerable radio programs and televised financial programs.
His most public success was the co-founding, development and sale of Chicago Investment Analytics, the premier provider of independent research on Wall Street. In 2000, after a successful 10-year run, “CIA” as it was known was sold to Charles Schwab and became the foundation of what is now known as the Schwab Equity Rating. During his time there, Steve was called “the best in the business” by one of the largest money managers in the U.S.
Prior to founding CIA, Steve worked with Wharton Econometrics, Zacks Investment Research, and the E.F. Hutton Company. He is a licensed Private Pilot, and a licensed Scuba Diver.
He studied Political Science and History at Purdue University and currently resides in Wheaton, IL.
CONTACT: Jerry McGlothlin 919-437-0001 jerry@specialguests.com
