After the pandemic ravaged small businesses across the country, vaccines and a reopening economy promised to help Main Street get back on its feet. But Democrats’ policies created inflation and a labor shortage that are now getting in the way of a full recovery. Worse, President Biden is still considering raising taxes on small businesses.
Small businesses are “looking at a slew of tax increases that would hit them from every angle”:
- One study shows that President Biden’s tax hikes would be shouldered by Main Street businesses and working families, and destroy at least 138,000 U.S. jobs.
- Democrats want to gut the Republican-created small business deduction that helped wages grow at a faster pace and led to a jobs boom for minority workers, individuals without a high school degree, Americans with disabilities, and women of color.
- Democrats also seek to impose huge tax bills on small businesses and family farms when loved ones pass away. Democrats’ supercharged death tax targets family-owned businesses and farms, costs at least 1 million jobs, slashes pay checks for workers by $32 for every $100 in revenue raised, and shrinks our economy by $100 billion over the next decade. (Read more from the Family Business Estate Tax Coalition)
Small businesses suffer under Bidenflation:
- More than 60 percent of American job creators are worried Bidenflation will close down their business, a recent poll finds, with the vast majority noting that they’ve been forced to raise their prices in the last year.
- Another study showed that small business optimism is at record lows and recent polling from the Small Business and Entrepreneurship Council shows that only 9 percent of small businesses say President Biden’s policies make it easy to start and grow a business.
- A Goldman Sachs survey of 10,000 Small Businesses found 91 percent of small business owners say broader economic trends, such as inflation, supply chain issues, and workforce challenges, are having a negative impact on their business.
Family paychecks are falling further behind:
- A majority of American families’ incomes can’t keep up with rising prices.
- With prices going up three times faster than paychecks, at least 62 percent of American families say their incomes can’t keep up.
- Prices are rising so high that Democrats are considering gimmicks like gas cards, despite concerns from some Democrat officials that Biden Bucks “gas cards” could “worsen inflation” without lowering costs.
As Job Creators Network’s Alfredo Ortiz recently testified: “Under President Biden, minority small business owners worry about inflation, the worker shortage, and supply chains.”
Reprinted with Permission from - United States House Committee on Ways & Means by - J.P. Freire