TAKE A STAND: Expert urges moderate Dems to spike spending bill for small businesses
Democrats named the massive spending bill ‘Inflation Reduction Act’ to ‘gaslight’ Americans: Missouri state treasurer
Democrats voted to replace an amendment by Sen. John Thune, R-S.D. to extend the SALT limit with an amendment by Sen. Mark Warner, D-Va., that raises taxes on small businesses by extending the limit on business loss deductions. In other words, Democrats chose their wealthy donors over small businesses struggling in the Biden economy.
The bill also threatens small businesses by doubling the size of the IRS. This expansion will empower the agency to subject small businesses to endless burdensome audits. Since small companies generally don't have tax lawyers and accountants on staff, they will often be forced to settle with the IRS even if they have done no wrong.
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