{"id":16213,"date":"2020-05-25T18:55:16","date_gmt":"2020-05-25T23:55:16","guid":{"rendered":"http:\/\/www.paristn.net\/articles\/?p=16213"},"modified":"2020-05-25T17:03:27","modified_gmt":"2020-05-25T22:03:27","slug":"small-businesses-to-face-biggest-tax-increase-in-years-under-former-vice-president-joe-bidens-tax-proposals","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2020\/05\/25\/small-businesses-to-face-biggest-tax-increase-in-years-under-former-vice-president-joe-bidens-tax-proposals\/","title":{"rendered":"Small Businesses to Face Biggest Tax Increase in Years Under Former Vice President Joe Biden&#8217;s Tax Proposals"},"content":{"rendered":"<p><span class=\"xn-location\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-491002\" title=\"Bambridge Accountants New York\" src=\"https:\/\/www.clarksvilleonline.com\/wp-content\/uploads\/2020\/05\/Bambridge-Accountants-New-York.jpg\" alt=\"Bambridge Accountants New York\" width=\"180\" height=\"169\"><strong>New York<\/strong> &#8211; <\/span>Former Vice President <span class=\"xn-person\">Joe Biden<\/span>, the presumptive Democratic nominee for president, plans to issue the biggest tax increase in years for small businesses report Bambridge Accountants New York.<\/p>\n<p>The effect would be to hinder entrepreneurship and reduce the funds available for business growth.<\/p>\n<p><span class=\"xn-person\">Alistair Bambridge<\/span>, partner at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=1764450752&amp;u=https%3A%2F%2Fbambridgeaccountants.com%2F&amp;a=Bambridge+Accountants+New+York\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">Bambridge Accountants New York<\/a>, asks: &#8220;Is this really what is needed as the economy tries to recover? When we should be encouraging corporations to add to the workforce and drive the economy, these tax plans reduce the ability and incentives for businesses to invest and expand.&#8221;<\/p>\n<div id=\"attachment_491008\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a target=\"_blank\" href=\"https:\/\/www.clarksvilleonline.com\/wp-content\/uploads\/2020\/05\/Washington.jpg\"  class=\"thickbox no_icon\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-491008\" class=\"size-medium wp-image-491008\" title=\"Small Business Tax Increase\" src=\"https:\/\/www.clarksvilleonline.com\/wp-content\/uploads\/2020\/05\/Washington-480x320.jpg\" alt=\"Small Business Tax Increase \" width=\"480\" height=\"320\"><\/a><p id=\"caption-attachment-491008\" class=\"wp-caption-text\">Small Business Tax Increase<\/p><\/div>\n<p><!--more--><\/p>\n<h3>The key policies of Vice President Biden&#8217;s tax plans are:<\/h3>\n<ul>\n<li>Phase out the qualified business income deduction (QBI) for small companies<\/li>\n<li>Leading to a major tax increase for small business<\/li>\n<li>Employment levels would be lower<\/li>\n<li>Raise corporate taxes to 28%<\/li>\n<\/ul>\n<p><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=2050351129&amp;u=https%3A%2F%2Fwww.cnbc.com%2Fvideo%2F2020%2F05%2F22%2Fwatch-cnbcs-full-interview-with-former-vice-president-joe-biden.html&amp;a=In+an+interview+with+CNBC\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">In an interview with CNBC<\/a>&nbsp;on <span class=\"xn-chron\">Friday May 22nd, 2020<\/span>, Vice President Biden also vowed to stick to his plan to raise corporate income tax from 21% to 28%.<\/p>\n<p>That increase in corporate income tax would leave less funds available for wages for all households.<\/p>\n<p>Vice President Biden vows not to increase taxes for anyone earning under <span class=\"xn-money\">$400,000<\/span> &#8211; but it is important to note that by repealing tax credits and raising corporate taxes, wages will be affected and all individuals will see a decrease in their net income.<\/p>\n<p><strong>The independent research organization,&nbsp;<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=3368241314&amp;u=https%3A%2F%2Ftaxfoundation.org%2Fjoe-biden-tax-plan-2020%2F&amp;a=The+Tax+Foundation\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">The Tax Foundation<\/a>, has reviewed Vice President Biden&#8217;s tax plans in detail and found that:<\/strong><\/p>\n<ul>\n<li>Taxes would be raised by <span class=\"xn-money\">$4 trillion<\/span> over 10 years<\/li>\n<li>Reduce Global Domestic Product (GDP) by 1.51%<\/li>\n<li>After-tax income for all individuals would be reduced<\/li>\n<li>Loss of 585,000 jobs<\/li>\n<\/ul>\n<p>After the Tax Cuts and Jobs Act 2017, 95% of individuals were better off or the same \u2013 under Vice President Biden&#8217;s tax proposals, individuals in every income group would have less take-home pay.<\/p>\n<p>The plan would reduce GDP by 1.51%, leading to lower employment, a loss of 585,000 jobs.<\/p>\n<p>The current corporate tax rate is 21% and the proposal is to raise this to 28%. That rate would be&nbsp;<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=2488433091&amp;u=https%3A%2F%2Ftaxfoundation.org%2Fpublications%2Fcorporate-tax-rates-around-the-world%2F&amp;a=one+of+the+highest\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">one of the highest<\/a>&nbsp;out of the larger and industrialized nations \u2013 higher than the European average (20.27%), <span class=\"xn-location\">China<\/span> (25%) and the current <span class=\"xn-location\">North America<\/span> average (25.85%).<\/p>\n<p>&nbsp;<\/p>\n<p>[470center]<\/p>\n<p>&nbsp;<\/p>\n<p><strong>President Donald Trump&#8217;s tax plans for 2020 and re-election have not been released in detail \u2013 the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=516873933&amp;u=https%3A%2F%2Fwww.americanprogress.org%2Fissues%2Feconomy%2Fnews%2F2020%2F03%2F10%2F481392%2Ftrumps-rumored-tax-cuts-2-0-proposals-arent-focused-middle-class%2F&amp;a=expected+proposals\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">expected proposals<\/a>&nbsp;are to include:<\/strong><\/p>\n<ul>\n<li>Reducing the income tax rate for individuals<\/li>\n<li>Further reducing the corporate tax rate<\/li>\n<li>Allowing for capitals gains to recognize inflation, so the tax on those capital gains is reduced<\/li>\n<li>Extending and enhancing the estate tax provisions<\/li>\n<\/ul>\n<p>Contact <span class=\"xn-person\">Alistair Bambridge<\/span>, <a href=\"mailto:alistair@bambridgeaccountants.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">alistair@bambridgeaccountants.com<\/a><\/p>\n<p>Bambridge Accountants has offices in <span class=\"xn-location\">London<\/span> and <span class=\"xn-location\">New York<\/span>, specializing in creatives and <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=3087921536&amp;u=https%3A%2F%2Fbambridgeaccountants.com%2Ftax-guides-1%23%2Fus-expats-tax-guide&amp;a=U.S.%C2%A0expats\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">U.S.&nbsp;expats<\/a>&nbsp;around the world.<\/p>\n<p><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2812318-1&amp;h=3092113314&amp;u=http%3A%2F%2Fwww.bambridgeaccountants.com%2F&amp;a=www.bambridgeaccountants.com\"  target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.bambridgeaccountants.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York &#8211; Former Vice President Joe Biden, the presumptive Democratic nominee for president, plans to issue the biggest tax increase in years for small businesses report Bambridge Accountants New York. The effect would be to hinder entrepreneurship and reduce the funds available for business growth. Alistair Bambridge, partner at Bambridge Accountants New York, asks: [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[17],"tags":[566,12064,71,1484,13032,1645,13034,13033,6487],"class_list":["post-16213","post","type-post","status-publish","format-standard","hentry","category-community","tag-china","tag-donald-j-trump","tag-economy","tag-employment","tag-joe-biden","tag-new-york","tag-tax-cuts-and-jobs-act-of-2017","tag-tax-increases","tag-u-s-president"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/16213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/comments?post=16213"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/16213\/revisions"}],"predecessor-version":[{"id":16214,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/16213\/revisions\/16214"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=16213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=16213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=16213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}