Inflation Reduction Act of 2022 offers small businesses greater healthcare affordability and a level playing field on taxes
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, in support of Senate deal to protect small businesses through common sense policies
“The newly reached Senate deal outlined in the ‘Inflation Reduction Act of 2022’ is critically important and welcomed by small businesses. As we have communicated to congressional leadership, smaller firms are not out of the woods yet and investments in healthcare, clean energy and tax reform will boost the small business ecosystem. A recent survey of our network found that nearly 24% of small businesses report that they may not survive past the next six months without additional funding or market changes. That’s why it’s imperative that Congress pass the Inflation Reduction Act of 2022 immediately.
The legislation includes measures that small businesses across the country have been calling for nearly a year. Most important, the legislation extends the Affordable Care Act’s premium subsidies through 2025 and lowers prescription drug prices. More than half of all healthcare marketplace participants are small business owners, employees or self-employed entrepreneurs. Access to affordable, quality healthcare is vitally important to them because they have historically comprised a disproportionate share of the working uninsured population and current healthcare provisions are hurting small business owners' bottom lines.
We also support leveling the playing field when it comes to taxes. For too long, our nation's tax system has benefited the wealthiest Americans and large multinational corporations at the expense of small business owners, their employees and independent entrepreneurs. Establishing a 15% corporate minimum tax on corporations with profits in excess of $1 billion and appropriating enforcement dollars to the IRS are commonsense revenue raisers and will support small businesses across the country. Moreover, the clean energy provisions in the legislation will enable us to build a thriving, equitable clean energy economy for our future.
The provisions in this package are important for the recovery of small businesses and our nation. We urge Congress to advance a vote on this legislation immediately."
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and community organizations to deliver resources to entrepreneurs and advocate for public policy solutions that promote inclusive small business growth. Our work is bolstered by extensive research and deep connections with the small business community that enable us to educate stakeholders about key issues impacting America’s entrepreneurs, with a special focus on the smallest businesses and those facing systemic inequities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.