Welcome to New Georgia was the opening statement of Senator Warnock’s victory speech as he won the runoff elections in Georgia. Georgia’s win confirms Democrats’ majority in the legislature but also puts a stamp on the avid changes that are bound to happen once Biden takes oath as the new president of the USA on 20th January 2021.
Biden had hinted at an increase in taxation and taking away business leverage to overcome the losses, which took place due to the coronavirus. His plans are to stabilize the economy. As soon as he takes charge, approximately 3.3 trillion of new taxes will be imposed, which makes the small businesses the sole losers in the long run.
Already because of the ongoing pandemic, people are going out of business drastically and these new taxes will only worsen the situation. Small businesses were affected badly in the past 1 year and now the new taxation will wipe them out.
Congress had passed a bill in December 2020 that included $325 billion in relief to the small businesses, but that is more likely to get reversed in the Senate as the Democrats’ main agenda is to boost the ailing economy of the USA.
Joe Biden’s two central agendas of the election campaign against Donald Trump were bolstering the economy and taming the coronavirus pandemic. After getting the majority, he is planning to focus on these 2 things within the first 100 days of his tenure. This obviously means imposing new taxations to generate more funds from which relief is given to the public and minimize the effects of the pandemic.
Like 2020; this year again will be toilsome for the entrepreneurs and with the arduous policies of the Democrats; they can project their businesses going downhill. Whether they can pass this hurdle or get blocked; only time will tell.