Rand Paul is out with a new report showing that a key tax hike being championed by Democrats would impact more than 8.3 million small businesses in America.
'WSJ at Large' host says a plan to tax some high-income earners is another sign of how out of touch the Democratic Party has become on 'Cavuto: Coast to Coast.'Sen. Rand Paul, R-Ky., is out with a new report showing the Democrats' proposed tax hike on pass-through entities would fall disproportionately on small businesses.
Congressional Democrats have long been eager to raise taxes on 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. However, Republicans say that framing is deceptive. They point to Census Bureau data that shows 64% of all small businesses in America are incorporated as pass-through entities.
The report authored by Paul and others on the Senate Small Business Committee went a step further. It found that the tax hike would endanger more than 62% of all small businesses. CLICK HERE TO GET THE FOX NEWS APP