Senate confirms Isabel Guzman to run SBA as Biden considers business tax hikes
Guzman will serve as liaison to America’s small businesses amid a potential rise in corporate tax rates
The Senate on Tuesday confirmed Isabel Guzman to be head of the Small Business Administration, as the Biden administration reportedly prepares to unveil plans to raise corporate taxes.
Lawmakers voted in favor of Guzman’s nomination 81-17. She has experience working in California’s Office of the Small Business Advocate and as a member of President Barack Obama’s SBA team.
Not only will Guzman take on a pivotal role in supporting America’s small businesses amid the ongoing pandemic, she will also possibly see corporate tax rates rise during her tenure.
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Bloomberg, citing people familiar with the matter, was the first to report that the Biden Administration was planning the first significant tax increase in nearly three decades as it prepares to bring forward another economic package.
Those potential increases, which are expected to affect both personal income and corporate tax rates, would help support his vision for an infrastructure revamp and reducing carbon emissions.
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Biden has long advocated for raising personal income rates on the wealthiest taxpayers – those earning more than $400,000. He has also said he would like to raise the corporate tax rate to 28% from 21%. The 2017 Tax Cuts and Jobs Act lowered the corporate rate to 21% from 35%.
Biden has also proposed eliminating a tax break for pass-through businesses.
The president signed the $1.9 trillion American Rescue Plan into law at the end of last week. It supports a continuation of Paycheck Protection Program and Economic Disaster Injury loans, as well as new support for the restaurant industry. The SBA oversees all of those programs.