Summarized from Jade West, National Association of Wholesaler-Distributors
During a joint session of Congress last week, President Joe Biden unveiling the $1.9 trillion American Families Plan, which proposes funding for childcare, paid family and medical leave, universal pre-kindergarten, tuition-free community college, and a four-year extension of the expanded child care credit enacted in the most recent COVID-19 relief bill. However, these programs would be paid for primarily by increasing taxes on both income and capital gains and through increased enforcement of the current tax law.
Combined with the $1.9 trillion American Rescue Plan that was passed earlier this year and Biden’s $2.5 trillion American Jobs Plan, the new president has already proposed $6.1 trillion in spending during his first 100 days in office. Continuing to spend at this level will harm American businesses, Eric Hoplin, president and CEO of the National Association of Wholesaler-Distributors, said in a statement.
“The pandemic forced hundreds of thousands of businesses to close their doors for good, destroying jobs and hurting families across America—and President Biden’s unprecedented $6 trillion in new government spending proposals this year will kill more American jobs and businesses,” Hoplin said.
“While the President claims this new deluge of government spending will be paid for only by wealthy individuals and corporations, the truth is he will raise taxes on individual and family-owned businesses, small and mid-size businesses, and entrepreneurs across the country.
“By raising taxes on America’s Main Street businesses, President Biden will upend his own goal of helping American families by forcing the employers that survived the pandemic to cut jobs, slow hiring, and increase prices.”