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Inflation Hits Highs as Small Business Optimism Hits Lows

Today’s news that inflation hit 9.1 percent in June comes a day after NFIB released it latest small business report, and the results are grim. Small business sentiment is down for the sixth straight month and hit its lowest level in nearly five decades. It’s yet another reminder that there could not be a worse time to raise taxes on American employers.

NFIB’s numbers show that employers continue to be extremely pessimistic about the economic outlook. The percent of employers expecting business conditions to improve in the next six months decreased 7 points to a net negative 61 percent,

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2022-07-13T20:20:18+00:00July 13, 2022|

Main Street Opposes Tax Hikes

Today the S Corporation Association joined with more than 200 trade associations to oppose the Senate’s latest efforts to raise taxes on small and family-owned businesses.

The letter was spurred by recent reports that lawmakers are considering a tax increase specifically targeting Main Street businesses: an expansion of the 3.8 percent Net Investment Income Tax (NIIT) to include the incomes of S corporations and partnerships where the owners actively manage the business.

The letter was signed by a total of 202 trade associations representing millions of Main Street businesses and tens of millions of American workers. It makes clear that, rather than

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2022-07-27T14:21:04+00:00July 12, 2022|

Main Street Gets Squeezed

If the Senate needs more reasons to drop the toxic Build Back Better Act, here’s a good one – job creation on Main Street has been negative over the past four months.  A recent piece in the Wall Street Journal detailed the struggles small employers face in the current job market:

Head counts at companies with fewer than 50 employees declined in three of the past four months, according to ADP payroll data, even as employment at larger firms continued to grow.

We highlighted this divergence several months ago, after the White House conveniently glossed over job losses at small

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2022-06-24T20:35:34+00:00June 24, 2022|

Stop Main Street Tax Hikes

With Congress set to depart DC for the next two weeks, there’s been a notable increase in chatter regarding the status of BBB negotiations:

  • On Friday, Politico reported that Schumer and Manchin met twice last week.  They’ve only met six times this whole Spring, so that suggests the pace of discussions is ramping up.
  • Monday, Bloomberg published an article suggesting that talks were making progress, including a specific agreement on EV tax credits.
  • Yesterday, Bloomberg reported that a new fee on methane emissions from oil and gas operations is going to be part of the package.
  • And

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2022-06-23T15:31:15+00:00June 23, 2022|

Congress Needs Its Anti-Recession Tools

With the odds of a recession rising, a common tool used to counter past slowdowns may no longer be available.  That’s bad news for private businesses and the workers they employ.  Congressional tax-writers need to start thinking about this issue now, while there’s still time to address it.

The tool in question is allowing businesses suffering losses to carry those losses back to previous years, reducing their tax liability in those years, and receiving refunds now while the economy is doing poorly.  The benefit itself is mostly one of timing.  Any refunds received while the economy is slow will be

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2022-06-13T12:27:55+00:00June 10, 2022|