Don’t Be Fooled: Schumer-Manchin Tax Hikes Will Hit Small Businesses and Consumers

By SBE Council at 29 July, 2022, 9:57 am

NEWS

For Immediate Release

Washington, D.C. – The following statement can be attributed to Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan on the Democrat’s latest reconciliation package, which includes $313 billion in new taxes on corporations and investors:

“The Schumer- Manchin tax hike deal is being peddled as a tax hike that will only impact big corporations and the wealthy. Don’t be fooled. The effects of these tax hikes will be felt and absorbed by ordinary Americans and our nation’s small businesses.

“Increasing taxes on carried interest means many entrepreneurial firms and small businesses across sectors will not have access to the capital they need to compete, scale, innovate, and navigate challenging economic conditions.  This will only hurt local economies and workers, and more broadly undermine U.S. competitiveness.

“The 15% corporate minimum tax means American businesses will have fewer resources to reinvest in their companies, workers, and innovation. These harmful economic costs would hit workers and small business suppliers, and suppress GDP further.

“Price controls on drugs are essentially an ‘innovation tax’ and will hurt the workers in this critical industry, the availability of innovative drugs for all consumers, and the small dynamic companies that dominate this sector.

“Our economy is facing hazardous headwinds. American businesses and investors need as much of their capital as possible to heal supply chains, support their workers, and pilot through destructive inflation. Rather than piling on painful government costs that ultimately hit workers and small businesses, policies need to be providing relief and stability.  The so-called ‘Inflation Reduction Act of 2022’ will make 2022 and beyond a painful one for all of America. Rather than reduce inflation it will fuel it, and result in misery for many more Americans.”

CONTACT:

Karen Kerrigan, kkerrigan@sbecouncil.org

Ray Keating, rkeating@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 28 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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