President Joe Biden visits with a small business owner in Washington, D.C., on January 25. The White House said Thursday that small businesses created 1.9 million jobs over the first three quarters of 2021. File Photo by Oliver Contreras/UPI | License Photo
"The boom in new business creation has been particularly strong for entrepreneurs of color," the White House said in a statement. "In 2021, Hispanic Americans started new businesses at the fastest rate in more than a decade and 23% faster than prepandemic levels."
The assessment also criticizes a Republican tax plan in Congress that it says would "impose a minimum tax on middle-class families would increase taxes on small businesses across the country." The tax plan was introduced by Sen. Rick Scott, R-Fla.
The White House report criticized a proposal by Sen. Rick Scott, R-Fla., that it says would raise taxes on millions of small business owners in the U.S. Photo by Bonnie Cash/UPI
"The analysis [of the Republican plan] finds that this tax plan would raise taxes on nearly half of small business owners (6.1 million people), including 82% of small business owners making less than $50,000 per year," the report notes.
Scott's plan, which calls for taxing the income of more than half of Americans who don't qualify to pay taxes, has been criticized on both sides of the aisle. Among the critics is Senate Republican leader Mitch McConnell.
Thursday's report is an effort to communicate economic success to the American public in view of low recent approval numbers for Biden.
The White House report was released a few hours before the Commerce Department said in its quarterly report that the U.S. economy contracted by 1.4% over the first quarter of 2022. The shrinking economy caught most experts by surprise, as most predicted the report to show a modest 1% gain in the first quarter.
Speaker of the House Nancy Pelosi, D-Calif., Ambassador of Ukraine to the US Oksana Markarova, and other members of the House unveil a photo exhibit on the Russian invasion of Ukraine at the Capitol on Thursday. Photo by Bonnie Cash/UPI | License Photo