ICYMI: The High Cost of the Reconciliation Bill for Small Businesses
Small business makes up the backbone of our nation’s economy. There are 31.7 million small businesses in America, which account for 99.9% of all U.S. firms. Small businesses have created just under two-thirds of new jobs added since 2000 and employ just under half of the private sector workforce.
Coming out of the pandemic, small businesses are facing several big challenges including finding workers for their open positions and navigating supply chain disruptions. Several provisions that have been discussed as part of President Biden’s reconciliation spending bill will only create more headaches.
Here are three reasons the reconciliation bill could come at a serious cost for small business owners and is a threat to our nation’s fragile economic recovery.
1. More federal stimulus will drive up already out-of-control inflation.
2. The tax hike aimed at “billionaires” punishes entrepreneurs.
3. Small businesses could face financial penalties they cannot afford.