REPORT: Business Leaders Fear Bidenflation and Dems’ Tax-And-Spend Agenda
Democrats are crushing Main Street’s hiring efforts and our jobs recovery as they try to push another $4.5 trillion tax-and-spend agenda through Congress.
The last thing America’s small businesses need is higher taxes to pay for Democrats’ runaway spending.
According to the August Business Leaders Survey, businesses are struggling to keep up with rising inflation. The survey also indicates that businesses are feeling less optimistic about future business activity than they were over prior months. Why? Endless government checks paid people more to stay home than return to work – crushing small businesses.
The Business Leaders Survey also indicated that growth slowed down compared to prior months, and prices remain elevated – proof that Bidenflation is outpacing workers’ paychecks.
President Biden is Cooling Off Our Jobs Recovery:
- More than 21 million Main Street job creators will be left shouldering the burden of Democrats’ small business tax hikes, which will result in fewer opportunities for workers and higher prices for consumers.
Democrats’ Runaway Spending Is Driving Inflation:
- A recent survey found that an overwhelming majority of Americans are “concerned this level of spending could hurt them directly in the form of runaway inflation, higher taxes down the line, lower economic growth or negative impacts on their family’s finances.”
- Democrats’ $4.5 trillion tax and spend agenda will fuel even higher inflation.
Democrats’ Tax Hikes Fall on the Middle Class and Small Businesses:
- Things will only get worse as Democrats fight to hike taxes on the middle class and Main Street to pay for their runaway spending.
- New analysis from the Joint Committee on Taxation (JCT) shows that increasing the corporate tax burden would disproportionately harm U.S. workers, retirees, and small businesses, including 1.4 small business C corporations and 98 percent of Americans who earn less than $500,000.
- Even the left leaning Tax Policy Center found that Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031 – contradicting his pledge not to raise taxes on middle-class Americans.
READ: Alarm Intensifies Over Bidenflation and Democrats’ Runaway Spending