There are over 30 million small businesses in the United States that account for nearly half of all economic activity and two thirds of job creation. Small businesses are the soul of the Iowa economy, representing the willingness of people to take risks and work hard to make their vision come alive. It’s important that we continue to celebrate our small businesses and foster an environment that promotes growth.
During the pandemic, people were paid to stay home, and many small businesses were forced to close their doors. President Biden’s tax proposals and new army of IRS agents will create further roadblocks for entrepreneurs who believed in themselves and took the risk of starting businesses that provide tremendous value to our country.
In a time of economic insecurity and labor shortages coupled with record inflation, the Biden administration’s commitment to raising taxes threatens the very foundation on which our small businesses operate. Small businesses have been the backbone of job growth and economic recovery over the last few years, and President Biden’s plan to raise capital gains and corporate tax rates is counterproductive to the progress we’ve made. Capital gains are the reward for investors who take risks in supporting the very businesses that drive our economy. If we raise rates, investors will hesitate to provide the capital that these early-stage businesses require to operate.
There are more than 250,000 small businesses in Iowa that support our local communities and export billions of dollars annually. I am proud to say that Iowa is committed to protecting and strengthening this vital part of our economy by creating incentives that encourage Iowans to start and build their businesses. Keeping our taxes low is one of the most important ways to ensure our small businesses can provide competitive wages and access the capital they need to grow. Many of these small businesses would be negatively impacted if we allow President Biden’s tax proposals to become law.
I’ll always stand up for the people of Iowa by working to protect the small and family businesses that line our main streets and enrich our economy.
Mariannette Miller-Meeks currently represents Iowa’s First District in the United States House of Representatives.
Celebrating Small Business Week
Rep. Mariannette Miller-Meeks
May 17, 2023