Rob Portman: “I am here on the floor today to talk about the massive tax increases that are being proposed by my colleagues on the…”

“I am here on the floor today to talk about the massive tax increases that are being proposed by my colleagues on the other side of the aisle and by the Biden administration and by the Democrats in the House as a way to pay for this big, new spending package--$3.5 trillion is what it is advertised as, although some say that, if you do the full 10-year calculation, it is more like $5 trillion. But it is a lot of money, and the way it is paid for is by a huge increase in taxes. It is the biggest tax increase, actually, we are told, in over 50 years. And I have been on the floor talking about this a few different times, and I talked about the impact on the economy, generally. I talked about the impact on our competitiveness internationally, which we finally fixed in 2017, which was really a bipartisan idea to go to a different kind of system, and it has worked so well. But today I want to talk about another sector of our economy that is going to be hit really hard by these taxes, and that is small businesses, the backbone of our economy where most people work. Specifically, I want to focus on how these small businesses are going to be hurt by the specific tax issues that are being proposed. Small businesses are generally defined as having 500 or fewer employees and make up about 99 percent of our companies in America.…”