President Joe Biden and Vice President Kamala Harris marked the beginning of National Small Business Week on Monday by touting the administration’s work to help small businesses recover from the pandemic. However, many small businesses are criticizing Biden’s tax-and-spend policies, which they believe will hurt their ability to recover and grow.
Small businesses are the engine of the U.S. economy, but they face economic headwinds and rising costs of supplies due to inflation. The National Federation of Independent Business and the Small Business & Entrepreneurship Council have launched campaigns against Biden’s proposed tax increases.
Supporters of the president’s tax hikes argue that they’re necessary to fund critical investments in infrastructure, education, healthcare, and social welfare programs, and to address income inequality in the country. They believe that the wealthiest Americans and corporations should pay their fair share of taxes to support these initiatives and that the proposed tax increases would not harm small businesses or the overall economy.