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News

Small Business Would Be Hit Hard by Corporate Tax Increase

5/5/2021

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Article courtesy of the U.S. Chamber of Commerce.
Proposed tax increases will hurt both big businesses and small businesses alike, explains Chamber Senior Economist Curtis Dubay in a blog post. In fact, 1.4 million American small businesses (organized as C-Corporations), employing almost 13 million Americans, would see higher tax rates.
​

Hardest hit: Manufacturing small business C-Corps employ the most workers out of the group (1.8 million workers). Professional, scientific, and technical services are next (employing 1.3 million), followed by retail (employing 1.2 million). ​
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Why it matters: Tax increases would put U.S. businesses (large and small) at a severe competitive disadvantage with counterparts across the globe and add another burden as many of these small businesses are just now beginning to return to normalcy. 

“We have already started a hiring freeze. Between the tax increase, and what we see as a tough regulatory environment, we have to prepare," said Michael Canty, President of Ohio-based Alloy Precision Technologies, a manufacturing company that employs roughly 85 people and is structured as a C-Corp under the federal tax code.
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Big picture: Higher rates on over a million small businesses would suppress wage growth and job creation for American workers at a time when we need to strengthen the middle class and create more higher-paying jobs here at home. ​
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Wayne County Area Chamber of Commerce.  All Rights Reserved.
 33 South 7th Street, Suite 2 | Richmond, Indiana 47374​
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