A major component of President Joe Biden’s new tax plan is raising the corporate tax rate from 21 percent to 28 percent. Corporate taxes affect America’s biggest companies; these are the household names whose products you probably use every day. But do these tax hikes only affect mega-corporations?

A Business Roundtable survey found that 98 percent of CEOs believed that Biden’s proposed corporate tax increase would hurt their global competitiveness. This includes their ability to hire new employees and raise existing wages. Millions of everyday workers would be affected by hiring slowdowns, layoffs, and stagnant income.

When these corporate employees become unemployed or take less wages home, the small businesses they frequent suffer. People have less money to spend, and they’re more likely to cut back and save. With less demand for their products and services, small businesses falter alongside the corporate workforce, and everyone loses.

It’s also important to note that millions of small businesses are structured as corporations. These businesses would be hit directly with the tax increase as well as the business losses from corporate layoffs. Talk about a one-two punch.

While it may seem to only affect multi-million dollar corporations on the surface, raising the corporate tax rate can directly affect everyday middle-class employees and the small businesses they cherish. Putting money into the government’s pocket instead of our businesses and employees’ bank accounts affects all of us, whether we’re one of 10,000 employees at our company or run a Main Street shop.