Hoadley to West Michigan Small Businesses “Pay Up!”
LANSING, Mich., March 08, 2019 – Last night on Fox 2’s “Let it Rip” State Representative Jon Hoadley gave an impassioned full-throated defense of Governor Whitmer’s 41% Small Business tax hike. This defense came despite the fact that similar policies under the Granholm Administration led to massive job loses, and small business closures during Michigan’s lost decade.
In the interview, Hoadley pointed to two of the nation’s largest S-corporations to make his point; however, these businesses are the exception and not the rule. According to IRS data, S-Corporations in the United States average just $53,846 in profits per year. In Michigan, over 150,000 small businesses classify themselves as S-Corporations or as limited liability corporations, which are also effected by the increase.
“Jon Hoadley knows that this 41% tax increase will hurt over 150,000 small businesses, thousands of which are located in Southwest Michigan.” said Laura Cox Michigan Republican Party Chairman. Cox continued, “He knows that the average S-Corporation makes just $55,000 a year in profits. Worse, he knows that this 41% small business tax increase is simply a gift from Democrats to supporters who are government retirees. Jon Hoadley should be ashamed.”