Small businesses are getting a lot of focus from politicians, because they are a key engine of job creation—which has stalled in the U.S. economy. A Republican National Convention theme of “We Built It” continued the political debate over the economy yesterday.
A survey by the National Federation of Independent Business (NFIB) in July revealed that small businesses’ top three concerns were taxes, regulations, and poor sales. A quick look at these top three small business struggles shows they have every reason to be demoralized.
Small businesses are under enormous threats from looming tax hikes. President Obama is advocating a tax hike on the country’s job creators—the at least 1.2 million small businesses that employ workers and make more than $200,000. Known as flow-through businesses, these entrepreneurs pay their taxes through the individual income tax. A study by Ernst & Young estimates that this tax hike would kill about 710,000 jobs and cause real wages to drop.
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to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.
