On Tuesday, Congressman Biggs reintroduced the Small Business Prosperity Act—an act that he says “continues his longstanding efforts to protect small business owners from the damaging economic policies of the Biden Administration.”
The Small Business Prosperity Act specifically:
- Lowers the maximum tax rate on small business revenue to 21 percent—the same low rate that major multinational corporations have been benefiting from since 2018.
- Allows business owners full flexibility to change the structure of their companies (for example, from an S-corp to an LLC, or vice versa) without incurring a tax penalty.
- Eliminates the estate tax, which should more accurately be labeled the “death tax,” since it frequently forces the families of deceased small business owners to forfeit the fruits of a generation’s worth of hard work.
“There are over 30 million small businesses in the United States,” said Biggs. “These enterprises are the backbone of the American economy, and they dominate the landscape of the East Valley. The more money our Main Street Business owners are able to keep in their own pockets, the better able they will be to expand their operations and hire more workers—it is as simple as that. My legislation will ensure that businesses will not be hurt by the damaging economic policies of the Biden Administration.”