PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

ICYMI: Kerrigan on Neil Cavuto’s America

By at 19 August, 2022, 12:45 pm

SBE Council’s Karen Kerrigan on Fox News

The big tax and spending bill (the “Inflation Reduction Act”) signed by President Biden includes various provisions that will negatively impact the economy and have a downstream impact on small businesses. SBE Council president & CEO Karen Kerrigan joined David Asman on Neil Cavuto’s America on August 12 to discuss the boost in IRS funding and its impact:

“When you’re beefing up the IRS to the tune of $80 billion, and focusing those resources on compliance, and looking historically at who is audited the most, it is taxpayers of moderate means.  As much as the President says, oh no no no no, we’re not going to do that, and Secretary Yellen sending a memo to the IRS, saying ‘you can’t do this when you get this money,’ the fact of the matter is  that there’s going to be a lot of small businesses, a lot of taxpayers of moderate means who are going to be audited. And I will have to say, this is only one tax impact of this bill, David. If you look at the taxes on big corporations, this is going to have a downstream impact on many small businesses. Many small business suppliers. So this is a tax increase on all America.”

Kerrigan added:

“No one is saying that the IRS shouldn’t have the resources that it needs to do its job, but there are a lot of problems that are plaguing the agency right now. Small businesses are fair about this, but giving the IRS $80 billion, there are so many things broken over there, and specifically focusing [those resources] on compliance, again, specifically means that many small business taxpayers are going to be targeted. There is no doubt about that. Small businesses, self-employed and people of moderate means.”

 

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