Central Montana Times

U.S. Senator Steve Daines criticized President Biden and Vice President Kamala Harris for their proposed tax hikes during a Senate Finance Committee hearing. He expressed concerns that these measures would negatively impact small businesses and families in Montana.

"Despite their rhetoric, Vice President Harris and the Democrats are launching a war on our main street businesses and Americans who are already living paycheck to paycheck," Daines said. He cited an article from the Wall Street Journal, referring to the proposed $6 trillion tax hike as "the $6 trillion election." Daines pointed out that Vice President Harris's tie-breaking vote had imposed invasive 1099-K requirements, expanded the IRS, and called for repealing the pass-through deduction.

Daines questioned Jeff Brabant, NFIB Vice President of Federal Government Relations, about the potential effects of these tax hikes on small businesses. Brabant responded, "It would be difficult for them. A recent survey shows 66 percent would increase prices, and about 44 percent would delay, postpone, or cancel planned capital investments in their small businesses."

Senator Daines is advocating for making the 20 percent pass-through business tax deduction permanent through his bill, the “Main Street Tax Certainty Act.” He believes this legislation will support Montana's small businesses, create jobs, and strengthen the economy. Without congressional action, this tax deduction is set to expire at the end of 2025.

Earlier this week, Daines shared a study from Ernst & Young (EY) highlighting that this tax deduction supports economic activity including 2.6 million jobs and $325 billion of GDP.