PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Advocate: Schumer-Manchin an “All-American TAX Bill”

By at 4 August, 2022, 12:53 pm

NEWS

For Immediate Release

Washington, D.C. –  Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement on President Biden’s virtual roundtable scheduled for today with “business and labor leaders” on the Schumer-Manchin package.

“Make no mistake, the ‘Inflation Reduction Act’ will be economically and financially harmful for families and businesses. Entrepreneurs are not taking this legislative effort seriously. The bill is being touted as a godsend for lowering costs and fighting inflation from the very same politicians who were in denial about inflation, or who admitted they did not see it coming in the first place, or who previously stated that higher taxes and more spending would worsen inflation and economic conditions.  Small business owners and entrepreneurs know that you can’t ‘bolster manufacturing’ while your policies undermine this sector with harmful tax increases. Moreover, provisions in this bill will increase the cost of capital and make it scarce for the very entrepreneurs who show the most promise for creating new innovations, fast-growing firms, and high-paying jobs.

“On top of that, price controls always lead to shortages and less of the goods whose prices are artificially being capped by government. That means significantly less, not more, breakthrough drugs and medical treatments for consumers.

“Senator Manchin described his legislation as an ‘all-American bill,” but as far as I can see it is an ‘all-American TAX bill.’ We will all pay for this costly and counterproductive bill through higher prices, destructive inflation, less innovation, higher energy costs, slower economic growth, and job loss across sectors. Loss of small business sales from ordinary customers and larger businesses will accelerate, and business owners will have less access to capital, as precious resources are diverted from the private sector to a bloated federal government that will be in charge of divvying out contracts and money to preferred businesses.

“We are urging all members of the business community to stand firm against this bill, and we are glad to hear that Senator Sinema is skeptical about key parts of this dreadful legislation. She should not only be skeptical – but miffed, to put it nicely – as her party chose to ignore her and her more moderate and reasonable views on tax, regulatory and spending policies, which are very much needed during this hazardous period of time for our economy.”

CONTACT:

Karen Kerrigankkerrigan@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

###

 

News and Media Releases