More than 21 million Main Street job creators will be left shouldering the burden of Democrats’ small business tax hike, warns NFIB President Brad Close.
In an op-ed for The Hill, he writes:
“If not stopped, small businesses from mom-and-pop stores to farmers to engineers to daycare centers and more soon could face new struggles to hire, expand and even stay open. The Small Business Deduction is one of the most important small business tax reforms in decades.
“With a tax hike, many would consider raising prices higher still. That’s no recipe for recovery. It’s an invitation to greater pain — for small businesses, their workers, and their customers alike.”
Republican Tax Reform Worked for America’s Main Street Workers:
- The Tax Cuts and Jobs Act (TCJA) created the first-ever 20 percent deduction for small businesses, which has allowed local job creators to keep more of their hard-earned money to hire, invest, and grow in their communities.
- This provision contributed to the strongest small business economy in a generation and the resurgence of American manufacturing pre-pandemic.
- In 2019, the deduction created more than $66 billion in savings for business owners.
President Biden (and Congressional Dems) Are Breaking His Tax Pledge:
- Democrats’ small business tax increase breaks the President’s pledge not to raise taxes on those making less than $400,000 a year.
- The Tax Policy Center has already determined that President Biden’s overall tax plan will raise taxes on 75 percent of working families next year.
Democrats Are Already Crushing Main Street’s Hiring Efforts:
- Democrats’ $300 a week bonus unemployment benefits, along with other expansions of welfare benefits and cash payments not related to work, are contributing to a record 9.3 million unfilled jobs.
- Job creators are practically begging people to return to the workforce with added incentives—increasing the prices they charge to customers on a budget.
Bottom Line: The last thing America’s small businesses and working families need is higher taxes to pay for Democrats’ runaway spending.