97 percent of small business owners won't pay more income taxes under Biden plan - U.S. Treasury

Just three percent of the nation's small businesses would see a tax increase under U.S. President Joe Biden's plan to tax the nation's highest earners to help fund a $3.5 trillion spending bill, a new U.S. Treasury analysis shows.

The Biden administration is expected to tout the findings of the report in a virtual meeting on Thursday with a Pennsylvania small business. Democrats in Washington hope to overcome intra-party squabbles to pass the president's signature spending plans, aimed at climate initiatives and expanding the social safety net. READ MORE