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.
CLICK HERE to read the full survey.
- 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.
Key Takeaways:
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.
Small businesses are NOT a priority of the Biden administration or the Democrat Party in general. I would think this would be quite obvious to most people who have ever owned and operated a small business in this country. Democrats have never aligned their policies to promote entrepreneurship, if you examine history closely. They are all about command and control and regimentation of labor and industry.
The Democrat Party has always been centered around labor unions (almost exclusively embedded in large companies due to their cost inefficiencies) and large corporations that are highly reliant on federal government largesse (perpetually winning federal contracts). Both of which tend to kickback a substantial amount of money to the Democrat Party in the form of major campaign contributions and ensuring reliable voting blocks for the Democrat Party.
The Biden administration and the Democrat Party would much prefer the small businesses in this country simply go out of business and leave only the large, multi-national corporations. Which overwhelming donate to the Democrat Party and can weather the socialist policies and the added costs of those policies fairly easily. Wiping out America’s small businesses would clear the way for only the Democrat friendly corporations to remain and thus allow them to aggressively hike prices for their goods and services with no fear of competition. So any expectation or hope that the Democrat Party or the Biden administration will somehow moderate its agenda to aid small businesses in this country is deeply misplaced. Don’t expect an adversary that wants to destroy you to take pity on you as he is beating you down. That is just stupid.
Dems don’t care, because so far it doesn’t cost them anything to be wrong. After all, businesses will just pass the expense down to the public until we say enough. Free stuff evidently has hidden costs.
People better wake up because democrats think they keep getting reelected because we like being screwed.
I’m predicting Joe Manchin is toast with West Virginia voters.
There are many small businesses just like ours where the sub s structure is being attacked. We’re a pass through with just myself as w-2 ee of my corporation but apparently showing a loss will mean paying more on the personal side due to the inability to show losses on the business side. Wake up Washington. Where do you think the cash flow comes from to fund government anyway? Without us it forms a vacuum.
How many suitcases of money have been moved around or accounts opened in Caymene islands. to get politicians to change votes???These people leave office rich.IMO.