House budget resolution ignores Main Street needs, threatens to deepen tax imbalance
FOR IMMEDIATE RELEASE
Media Contact
Nazirah Ahmad
704-290-6869
House budget resolution ignores Main Street needs, threatens to deepen tax imbalance
Statement by Small Business for America's Future Co-chair Anne Zimmerman on House passage of budget resolution calling for $4.5 trillion in tax cuts and $2 trillion in spending reductions while increasing the deficit by $3 trillion dollars
Cincinnati, Ohio, Feb. 26, 2025–“We are deeply concerned by the House’s passage of a budget resolution that threatens to further entrench a two-tier tax system that overwhelmingly favors large corporations and billionaires over small businesses.
“The resolution, which calls for $4.5 trillion in tax cuts, an extension of the 2017 Tax Cuts and Jobs Act (TCJA), primarily benefits billionaires and large corporations while recklessly cutting $2 trillion from critical programs, including from healthcare programs like Medicaid, that will hurt the small business owners and the communities they serve.
“In addition, this resolution calls for extending tax policies that do nothing for small businesses, while delivering windfall tax cuts to their large corporate competitors. Our recent survey of small business owners found that most small businesses got no meaningful benefit from the TCJA. Just 6% of owners were able to grow their businesses by purchasing new equipment or expanding operations. Only 6% could pay their workers more, and a mere 3% created new jobs. Extending a policy that has failed to help small businesses disregards the crucial role Main Street businesses play in our economy.
“Small business owners need practical tax solutions: exempting the first $25,000 of profit from federal income tax, creating a simple small business standard deduction, and simplifying the complex tax code that forces entrepreneurs to spend money on accountants and lawyers for compliance—funds that should instead strengthen their bottom lines and support hiring.
“The Senate must reject this misguided budget resolution in favor of creating tax policies that support Main Street entrepreneurs, rather than just feathering the nests of Wall Street corporations and billionaires. Americans deserve a tax system that helps us all by empowering our small businesses to grow, hire, and strengthen our local and national economies."
To request an interview with Anne Zimmerman or any Small Business for America’s Future member, contact Nazirah Ahmad at (704) 290-6869 or nazirah@emccommunications.com.
About Small Business for America's Future
Small Business for America's Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We're committed to ensuring policymakers prioritize the nation's 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.
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