Small businesses facing 40-year inflation as the economy enters a recession are terrified of the Schumer-Manchin “Inflation and Recession Act”, which will worsen inflation, hurt employment, and hike taxes on American families and small businesses.

 

READ: Democrats’ “Inflation and Recession Act” Makes Biden’s Cruel Economy Even Worse

 

Here’s what job creators and stakeholders are saying about Democrats’ bill:

 

Job Creators Network: It’s going to raise prices on consumers and kill jobs: 

“We all know that taxes roll downhill… So, it’s either going to be an increase in cost and, ultimately, in prices to the consumer, which is inflationary, or it’s going to be a job killer.”

 

Small Business and Entrepreneurship Council: Tax hikes in the bill will land on Americans and small businesses: 

“The Schumer-Manchin tax hike deal is being peddled as a tax hike that will only impact big corporations and the wealthy. Don’t be fooled… The effects of these tax hikes will be felt and absorbed by ordinary Americans and our nation’s small businesses.”

 

The U.S. Chamber of Commerce: The bill slows economic growth:

“This legislation includes taxes that would discourage investment and undermine economic growth and price controls that would limit American innovation…Both will make our economic problems worse.”

 

National Association of Manufacturers: “Book minimum tax” would overwhelmingly be borne by American manufacturers: 

“The impact would be swift and devastating to manufacturers and the economy as a whole.”

 

The National Taxpayers Union: “Book minimum tax” hurts specific industries and won’t reduce inflation:

“The book minimum tax proposal picks winners and losers in the tax code, favoring certain credits and deductions that have broad bipartisan support and denying companies others.”

 

Associated Builders and Contractors (ABC): Tax increases exacerbate inflation and penalizes employers:

“While the messaging around these tax provisions focus on the wealthy, these severe tax hikes on American companies would further exacerbate high materials prices for nonresidential construction projects, which have increased by 20 percent during the past 12 months and 46 percent since Feb. 2020, and expose contractors to additional supply chain and employment issues as they continue to recover from the COVID-19 pandemic….

 

“Further, this bill penalizes employers that believe in fair and open competition and pay wages based on experience, quality and market rates and limits opportunities for thousands of construction workers and industry-recognized apprentices.”

 

The Tax Foundation: Push for higher taxes is misguided during a time of inflation and looming recession:

“In such conditions, it would be extremely unwise to raise taxes, especially the type of taxes advocated by this administration, which would do excessive harm to the economy. [Certain corporate tax increases] reduce incentives for those companies to invest, grow, hire, and raise wages. Likewise with attempts to raise the corporate tax rate or target U.S. multinational corporations and certain industries with a complex set of minimum taxes.”

 

Independent Women’s Forum: Tax increases on small businesses as we enter a recession will make matters worse: 

“Tax increases on businesses such as the ones proposed will leave workers with fewer jobs and smaller paychecks. There’s no evidence that increasing federal spending right now will reduce inflation. The evidence so far has been the opposite. The economy is likely in recession with inflation at 9.1%, this bill will make matters worse.”

 

America’s First Policy Institute: Burdensome taxes and regulations will worsen inflation: 

“America’s inflation was caused by out-of-control government spending, and the Biden Administration’s answer is to pile on even more spending and tax increases. Their new version of the Big Government Socialism Bill will not tame inflation. It will make it worse.”

 

Americans for Prosperity: Democrats’ policies will repeat the same inflation causing mistakes of the last stimulus:

“This package isn’t about passing good policy; it’s entirely about scoring an empty political win – the same kind of ‘win’ that sent costs through the roof last summer. Only this time, Washington is also hitting struggling Americans with another trillion dollars in higher taxes that will go right into the pockets of special interests. What could go wrong?”

 

AND MORE:

 

WSJ Editorial Board: WSJ: Schumer-Manchin Deal is a Tax Increase on Every American

Americans for Tax Reform: Schumer-Manchin Tax Hikes Land on Working Americans