FOR IMMEDIATE RELEASE

Media Contact:
Conan Knoll
conan@emccommunications.com
(831) 524-6764

Small Business Group: Policymakers need to double down on record small business boom with smart investments in Main Street

Statement by Small Business for America’s Future Senior Advisor Rhett Buttle on new report showing a surge in new small businesses and why Congressional tax plan that would raise taxes on middle class entrepreneurs is problematic

Washington, D.C., April 28, 2022—We are both excited by the news in a report released today showing that investments in the small business economy have led to a record recovery on Main Street, and alarmed that this boom in American entrepreneurialism could be snuffed out by an ill-conceived Congressional tax plan that would raise taxes on middle class entrepreneurs everywhere.

We have long said that investing in America’s small businesses would enable them to lead our economy back to health. It happened in the Great Recession when small businesses created two-thirds of all new jobs and today’s White House report shows it’s happening again now.

Last year, Americans applied to start 5.4 million new businesses—20% more than any year on record. And, importantly, small businesses are creating more jobs than ever before. Businesses with fewer than 50 workers created 1.9 million jobs in the first three quarters of 2021 alone, the highest rate of small business job creation ever recorded in a single year. This small business boom has been particularly strong for entrepreneurs of color. Hispanic entrepreneurs, for example, started new businesses in 2021 at the fastest rate in more than a decade.

The question becomes why some lawmakers would derail this exciting moment with proposals that would raise taxes on nearly half of small business owners, including 82% of small business owners making less than $50,000 per year, by an average of almost $1,200. Small business owners are, by and large, members of the middle class and what we need is for large corporations that shirk their tax responsibilities to the country that nurtured their success to contribute their fair share. Small businesses know this. A recent Small Business for America's survey shows 72% of small business owners surveyed believe the tax code favors large corporations and 75% think large corporations do not pay their fair share of taxes.

Small business owners don’t need to pay more taxes; they need lawmakers to invest in their success. That’s why we’re glad the Biden-Harris Administration has plans to keep the economic momentum going by expanding access to capital, investing in business assistance programs that help new and established entrepreneurs find the resources they need to grow, ensuring hundreds of billions in government contracts go to small businesses, and, crucially, reforming the tax code to create a level playing field for small businesses.

We must need policies that empower our small business community, which creates two-thirds of all new jobs and employs half of all workers, succeed. With the proper policies in place, they will flourish and lead our economy to prosperity.

To request an interview with Rhett Buttle, contact Conan Knoll at (831) 524-6764 or conan@emccommunications.com.  

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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.