That would be a HUGE tax increase for wealthier, not necessarily rich, Americans. Many small business owners would be decimated.
A self-employed person making 300k per year would pay about 16k more in taxes per year or $1300/mth. That is money they will never see, so it effectively raised their taxes 12.7%. That is absurd. For the same person working for a company, the employee would pay an extra 8k and the company would have to foot the bill the additional 8k.
This would kill the economy, by slowing wage growth, decreasing hiring and limit the number of small businesses. But hey, what do you care as long as you don’t have to pay, right? That seems to be the mantra of today’s youth and Democratic Party. Never mind the long term consequences.