On the Backs of America’s Small Businesses? That’s No Way to Solve America’s Deficit Crisis

Do we need a serious solution to fix America’s growing deficit crisis? Absolutely.

Should it be done on the backs of America’s small business owners? Absolutely not.

Unfortunately, that’s the path that the President has chosen in the deficit plan he released earlier today.

It’s the same “tax the rich” rhetoric that was used last year. We opposed that flawed policy then — and we oppose it now.

Those so-called “rich” are actually America’s small business owners who we’re dependent on to lead us to economic prosperity. Proposals, such as Congressman Paul Ryan’s Path for Prosperity, aim to prevent tax hikes on small businesses – who file as individuals – so that our nation’s economic recovery isn’t stopped dead in its track.

Don’t take our word for it — even the President’s own Small Business Administration points out that “75% of small businesses file taxes on individual income tax forms.”

America’s small businesses have generated 64% of net new jobs in this country over the past 15 years — and they employ more than half of all private sector employees. Raise taxes on employers, and you’ll only diminish job growth. That means less tax revenue — and an even deeper deficit hole.

Our problem isn’t that we tax small businesses too little — it’s that our government spends too much.

It’s time for a serious deficit plan to rein in government waste, reform our entitlement spending, and empower — not burden — our small business owners, much like what Congressman Ryan has proposed we do. Support these common-sense proposals now.

If, as the President said, consensus is for the American Dream, there’s no room in this debate for budget plans that would tax the dreamers out of business.

Sincerely,


Bill Miller
Senior Vice President and National Political Director
U.S. Chamber of Commerce