As usual Democrats are lying rather than presenting a positive alternative to President Trump’s agenda. Their latest Big Lie is that the Big Beautiful Bill is all about “tax breaks for the rich,” but the reality is it is all about jobs for America’s working families.
For example, failed Democrat candidate for Vice President Tim Walz recently claimed the Big Beautiful Bill will “take food away from children to pay for tax breaks for billionaires”: “The rich are going to feast and the rest of us will be lucky if we get scraps. 13M kids will be kicked off free school lunch. Those kids get to go to school hungry. And all but two Republicans voted for this Big Beautiful Pile of Bullshit.”
Socialist Senator Bernie Sanders claimed the goal of the Big Beautiful Bill is “to drive people off of Medicaid so that they can save substantial sums of money, some $700 billion, and then transfer that to the wealthiest people in this country through massive tax breaks for the rich and very large corporations.”
However, a new report by the non-partisan National Association of Manufacturers found more than 1.1 million jobs in the manufacturing sector and nearly six million jobs overall will be lost if Congress fails to extend the Trump Tax Cuts in President Donald J. Trump’s One Big Beautiful Bill.
According to that
non-partisan report — the negative effects on small businesses of killing the Big Beautiful Bill are swift, severe, and completely avoidable.
Here are some key takeaways from the report:
- “More than 96% of businesses in America are organized as pass-throughs, meaning that they pay tax at individual income tax rates. Tax reform created a 20% deduction to allow these small businesses to compete on a level playing field with their peers organized as corporations … The pass-through deduction will expire completely at the end of 2025. A recent NAM survey found that 93% of pass-through manufacturers reported that the loss of this deduction will harm their ability to grow, create jobs and invest in their business.”
- “The combination of the reduction in the top rate and the 20% passthrough deduction resulted in significant tax savings for these small businesses—enabling them to invest in new equipment, machinery, facilities and job creation. More than 74% of manufacturers have fewer than 20 employees, so it is crucial to the sector that Congress preserve tax reform’s competitive tax rates for small businesses.”
- “If Congress does not act, accelerated depreciation will be entirely absent from the U.S. tax code for the first time in decades—limiting manufacturers’ ability to invest in the equipment and machinery they need to drive economic growth and job creation and making it more costly for businesses to invest in the U.S.”
- “More than 90% of businesses in America are family-owned. In the manufacturing industry, family-owned businesses are a critical part of the manufacturing supply chain and pillars of their local communities … The estate tax exemption threshold is scheduled to be reduced by half at the end of 2025, subjecting more family business assets to taxation and threatening the viability of these businesses when the owner passes away. Congress should protect family-owned manufacturers by preserving the increased exemption threshold.”
|
|
We urge all CHQ readers and friends to share this important information widely. The Capitol Switchboard is (202-224-3121), we urge CHQ readers and friends to call their Senators to demand they pass the Big Beautiful Bill NOW, so a final version can be on the President’s desk by the July 4 Independence Day holiday.
- Tax Cuts and Jobs Act (TCJA)
- Consumer confidence index
- Republican party
- inflation
- gas prices
- trade war
- Present situation index
- Expectations index
- stocks
- Wall Street
- Labor market
- unemployment rate
- Right Track index
- Economic growth
- Big Beautiful Bill
SHARE THIS ARTICLE
