Sept. 20, 2021

Draft Plan Would Impose Higher Tax Rates on Wealthy and Businesses

The National Association of Wholesaler-Distributors is opposing Democrats’ draft plan to raise $2.9 trillion through new taxes targeting the country’s wealthiest individuals, corporations. The proposal calls for raising the top tax rate on Americans earning more than $435,000 from 37 percent to 39.6 percent and would up the corporate tax rate from 21 percent to 26.5 percent for large, profitable businesses. Smaller companies would not see a change in their tax rate or could event realize a reduction. President Joe Biden had previously called for a 28 percent tax rate on large businesses.

“Passing the largest tax increase in U.S. history on the backs of America’s job creators as they recover from a global pandemic is the last thing Washington should be doing,” said Eric Hoplin, NAW CEO. “The Democrats’ nearly $3 trillion tax hike proposal is so massive and harmful that even if the Democrats were to ultimately cut it down, it would still destroy millions of Americans jobs and businesses. Despite rising inflation, a labor shortage and an uncertain recovery, America’s individual and family-owned distributors and businesses have worked to keep the economy moving and massive new tax increases would harm both businesses and workers at a time when neither can afford it.”