FOR IMMEDIATE RELEASE:
July 20, 2022
Contact: Press_Paul@paul.senate.gov, 202-224-4343
WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, released a report on small businesses in Kentucky that are in danger of tax hikes under the Democrats’ next tax and spending spree.
“Small businesses in Kentucky are already struggling with record high prices on everything from gas and rent to labor and supplies needed to run their businesses. And now, as the U.S. faces historically high inflation, Senate Democrats seem completely content with adding to their struggles by passing yet another tax and spending spree,” said Dr. Paul. “Now is not the time to raise taxes on Kentucky’s already vulnerable small businesses.”
- Democrats are considering increasing taxes to pass-through business owners.
- Despite promises that these taxes are targeted towards the wealthy, these taxes put 91,142 small businesses in Kentucky in danger of a tax hike.
- While Democrats claim that their tax hikes are aimed at the wealthy shareholders, these business owners employ 62 percent of the Kentucky’s small business workforce, which would put an estimated 894,738 workers in danger.
You can read the Kentucky report HERE.