Ahead of tonight’s presidential debate, small businesses across America are eagerly awaiting answers from Joe Biden and Donald Trump on restoring the main street economy. With inflation and regulations topping the agenda, small businesses are seeking candidates who will address their concerns.
According to a recent poll by the Job Creators Network (JCN), inflation is the top concern for small businesses, a sentiment fueled by the 20 percent price increase in goods and services since Biden took office. The price of gas has also surged by 50 percent, further exacerbating the issue. While Biden is likely to blame corporate greed for the problem, the truth is that corporate profits are down, and small businesses face skyrocketing input costs.
The moderators should hold Biden accountable for his socialist spending and big-government policies, which have led to decreased profitability for small businesses. A Federal Reserve study debunks Biden’s claims, finding that aggregate markups have remained flat since the start of the recovery. Despite this, the Biden administration is pursuing a regulatory onslaught, imposing new burdens on job creators through overtime pay mandates, noncompete contract bans, electric vehicle requirements, and internet access regulations.
For entrepreneurs, the extension of the Tax Cuts and Jobs Act (TCJA) is a pressing concern. The TCJA provides small businesses with a 20 percent tax deduction, immediate expensing, and lower rates, which have been crucial in helping main street survive the pandemic and Biden’s economy. However, Biden has promised to let the TCJA expire if re-elected, a move that would be devastating for many small businesses and violate his pledge not to raise taxes on those earning less than $400,000 per year.
Given the significant impact of small businesses on the economy, it is crucial that the debate moderators and candidates address their concerns. With small businesses struggling to stay afloat, the outcome of this election may come down to their support. Tonight, voters will be watching to see which candidates genuinely understand the challenges faced by main street and are willing to take action to alleviate them.
