On Senate Floor, Portman Discusses How Democrats’ Tax Hikes Will Hurt Small Businesses

September 29, 2021

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WASHINGTON, DC – Today on the Senate floor, U.S. Senator Rob Portman (R-OH) joined his colleagues on the Senate Finance Committee in explaining how the Democrats’ plan for massive tax hikes to pay for their $3.5 trillion reconciliation package will hurt the 32 million small businesses that help drive the economy.

Portman highlighted how increases to the income tax, combined with the repeal of the Section 199A small business deduction and other anti-small business tax provisions will result in the average small business paying a tax rate of about 48 percent compared to the current average rate of about 29 percent. Portman also discussed how a new information reporting requirement that would make financial institutions report the inflow and…

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