The House Finance Subcommittee on Tax Modernization and Reform recently held a meeting on House Bill 1773, titled the “Fair Share Tax Plan” which proposes an increase in taxes on passive income sources for small businesses, including S-corporations, partnerships, and sole proprietors, from the current rate of 3.07 percent to 12 percent!
Pennsylvania State Director Greg Moreland did not mince words in his critique of the proposal calling it “asinine.” “Small business owners are much different than Elon Musk and Jeff Bezos and aren’t asking for a quadrupling of their tax rate,” said Moreland.
“There would be severe consequences to our mom-and-pop shops should this proposal become law. But maybe that’s what the sponsor wants? You can’t tax your constituency into prosperity. Wasn’t it President Reagan who said the nine most dangerous words in the English language were, ‘I’m from the government, and I’m here to help?’”
NFIB will continue its opposition of this legislation by explaining its devastating impacts on the small business community.
