Andy Barr: “I thank my good friend from Missouri, a real leader on the Financial Services Committee, and also our ranking Republican…”

“I thank my good friend from Missouri, a real leader on the Financial Services Committee, and also our ranking Republican and leader on the Small Business Committee and tireless champion for America's small businesses. That is where all of the jobs are created in this country. For the life of me, Madam Speaker, on the heels of horrible third- quarter GDP numbers, I don't know why the Biden administration wants to put new taxes on small businesses. The GDP numbers for the third quarter were far short of what economists predicted and, yet President Biden's plan to so-called Build Back Better is actually a $400 billion tax hike on job-creating small businesses. The bulk of this comes from an expansion of the 3.8 percent net investment income tax that is now going to hit active income for these pass-through businessowners. Democrats want to expand this to investment income of individuals actively involved in LLCs, S corporations, and partnerships, those small mom-and-pop Main Street businesses that really create jobs in our country. Additionally, the Democrats are also pushing an $800 billion tax hike on American businesses that will be a gift to China, Russia, Japan, and Europe, making it better to be a foreign company than an American one. These crippling tax hikes will kill American jobs, drive economic activity overseas, and destroy small businesses as they struggle to recover from the pandemic.…”