As Main Street businesses struggle with inflation, a worker shortage, and looming recession, they’re bracing for billions in new tax hikes, according to the National Federation of Independent Business’s Small Business Optimism index.
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- More small business owners reported inflation as the biggest problem in operating their business in July – an increase from June and the highest number since 1979.
- Although some rising gas prices have lessened due to recession, many small businesses are still passing rising costs onto consumers in higher prices. “The net percent still raising prices is inflationary,” according to the Small Business survey.
- The survey shows President Biden’s shrinking workforce continues to leave nearly half of business owners with job openings they’re unable to fill.
Democrats’ Manchin-Biden Build Back Better tax hikes will crush job creators, slow the economy, and translate into even higher and longer inflation.
Over 4.7 million Main Street businesses organized as pass-throughs – employing nearly half of America’s workforce – will be hit with tens of billions of dollars in new taxes.
- Democrats opted for a tax on small businesses in order to protect SALT deductions for millionaires and billionaires.
- This tax limits the ability of Main Street “pass-through” businesses to claim losses even as we are in a recession.
Small businesses have struggled through President Biden’s cruel economy with inflation, a worker shortage, and now more tax hikes and a recession.
- Main street businesses have faced a record labor shortage with over 10 million job openings for nearly a year, after President Biden discouraged work with lavish COVID-era stimulus.
- America’s workforce shrunk three out of the last four months, leaving Main Street businesses struggling to find workers.
Reprinted with Permission from - US House Committee on Ways & Means by - J.P. Freire