“The log jam is breaking for America’s small businesses as the VirusCasedemic chaos is fading”— Paul Ebeling
Across the nation, restaurants, bars and mom-and-pop shops are reopening, small businesses are hiring, and people are beginning to go back to work.
We are at the brink of a dynamic economic recovery. But, some/many a t the Top levels of government are determined to cut the small business economy down before it has a real chance to get up and running by disincentivizing workers and imposing burdensome taxes and regulations on job creators and small business owners.
The recent federal stimulus has suppressed hiring, as some workers find that government benefits pay more than returning to work. This short-term benefit has served as a disincentive for workers to return to the workplace, hurting small business owners trying to restart their operations, and nearly 50% of the states will officially end supplemental unemployment benefits this Summer.
Politicians should work together for the benefit of The People and American small businesses.
Mr. Biden “Build Back Better” social agenda, if allowed to happens may mean that American small businesses cannot build back at all.
A coalition of 28 industry groups have joined forces to create “America’s Job Creators for a Strong Recovery” in order to combat Mr. Biden’s tax-and-spend agenda.
Mr. Biden’s Build Back Better social agenda includes both the $2.3-T American Jobs Plan and the $1.8-T American Families Plan, is to be paid for by a number of new taxes that would cripple the recovering American economy, including raising the corporate tax rate to 28%, imposing a global minimum of 15% tax on companies’ overseas profits, hiking the Top individual income tax rate to 39.6%, and nearly 2Xing the capital gains tax rate. To try to ensure these new taxes are collected, the plan also proposes boosting IRS funding by $80-B over the next 10 yrs.
Instead of taking money from the backbone of America, small businesses, the government should concentrate on helping people make it. Very high net worth individuals are a natural target, but they are not the only targets of the planned tax hikes.
Contrary to what lots of people believe the Top 1% of American earners constitutes anyone who makes over about $538-K a yr. The Top 10% of American earners constitutes anyone who makes over $145-K a year.
Many small business owners fall into those income brackets, so increasing their tax burden at a time when many of them need to reinvest in their businesses and employees is Wrong.
The American Dream is what makes America exceptional. But if the current economic proposals being floated in Washington are allowed to be put into practice, the American Dream will become a memory.
“There is a twisted, bitter irony to contemporary views on economic policy from the far left. It’s common to hear attacks on the power and wealth of giant corporations, and these criticisms can be justified. But massively increasing corporate taxes doesn’t really hurt massively large corporations it only ensures that small businesses in the same industry can never grow to be competitors to those corporations” says John Schatter, Papa John’s founder.
Adding: Giant corporations will happily pay a little more in taxes to ensure they never have to worry about competition and that is the deal the power brokers in Washington are currently offering them. In the name of helping the little guy, these tax policies may in reality only shore up the power of the big guy. And I don’t think any American of any political persuasion wants to see that happen.
The Sun is rising for small businesses that have struggled through this VirusCasedemic chaos and survived. Now we need to ensure the government moves quickly to help them thrive again, that means eliminating policies that are disincentivizing workers from returning to work, burden businesses with overregulation, and increase taxes to levels that will crush the hopes of every small business owner in America.
Wednesday, the benchmark US stock market indexes finished at: Dow +25.07 at 34600.38, NAS Comp +19.85 at 13756.35, S&P 500 +6.08 at 4208.12
Volume: Trade on the NYSE came in at 1.2-B/shares exchanged.
- Russell 2000 +16.4% YTD
- DJIA +13.1% YTD
- S&P 500 +12.0% YTD
- NAS Comp +6.7% YTD
HeffX LTN;s overall technical analysis of the major US stoc market indexes is Bullish with a Very Bullish bias long term.
Looking Ahead: Investors will receive the May ADP Employment Change report followed by revised Q-1 Productivity, revised Q-1 Labor Costs, weekly Initial Claims and Continuing Claims, the final May IHS Markit Services PMI and May ISM Non-Manufacturing Index Thursday.
Have a healthy day, Keep the Faith!