Donald Trump has committed to creating millions of new paying jobs.
One easy first step to doing that is to remove Biden’s regulations regarding the prolific employment creator, America’s 4 Million Business Partnerships (known as S-editor). The latest estimates find 10 million Americans employed in these business partnerships, with $800 billion in workers’ salaries and benefits.
for example“95% of Microsoft’s commercial revenue flows directly through the partner ecosystem.” Profits from these companies are passed to 4 million partners and will pay taxes based on a percentage of these incomes. (Related: David Blackmon: Tesla could be on the brink of “Blackberry Moment”)
These have been tax rules governing partnerships for decades. The Biden administration didn’t like tax rules, so instead of asking Congress to make changes, Biden’s Treasury Department went through the backdoor and unilaterally changed the rules as part of its “equity” agenda.
The exact tax goal is the technique that partnerships use to lower tax liability, known as “base shifts.” Although technically complex (because everything is complicated, including US tax laws), it is completely legal and has been used in partnerships for decades to adjust the value of assets during transactions or transfers. Whatever you think about the basic shift, the Internal Revenue Service (IRS) does not have the unilateral authority to change tax laws. It will only be done by the council.
Biden’s crackdown treated business partners as tax cheating. Nearly 4,000 of these IRS tax collectors were hired when they hired 87,000 agents to harass companies and individuals Especially“We will expand enforcement focused on complex partnerships.”
The business partnership of over 4 million has now become an overnight suspect class, similar to the tax returns of millions of partners.
To pry money out of these partnerships, the Biden team wanted to create a retroactive tax (which should be illegal) by changing the rules and applying them. I’m going back six years ago Eventually. Therefore, tax systems that could have been completely legal in the past can cause investigations, fines and lawsuits.
Biden Treasury Secretary Janet Yellen has also established a new investigative office to oversee the partnership and harass the company. It needs to be shut down.
Therefore, tax systems that could have been completely legal in the past can cause investigations, fines and lawsuits.
Over 90% of partnerships are small businesses. According to Ernst and Young Research was prepared last year for the Council of Small Businesses and Entrepreneurs (SBE Council). Business partnership arrangements allow these companies to quickly access the capital they need and expand their operations. All of these companies generated $1.3 trillion in GDP.
These partnership arrangements allow promising small businesses to grow into large businesses. This unique American business structure is a hallmark of the success of American entrepreneurs and a path for businesses to go from good to great.
It’s not broken. The system works. That’s why the Trump Treasury Department needs to immediately order the IRS to stop and stop these partnerships from the Biden Witch Hunt.
It’s a war with wealth. War with American companies. And it’s a direct attack on Trump’s promise to “make America great again.”
Stephen Moore is a senior fellow at the Heritage Foundation and co-founder of Unleash Prosperity. His latest book, co-authored with Arthur Laffer, is “Trump’s Economic Miracle.”
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