NEW REPORT: The Biden Small Business Boom
FOR IMMEDIATE RELEASE: April 28, 2022
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NEW REPORT: THE BIDEN SMALL BUSINESS BOOM
While small businesses grow at record rate under President Biden, Republicans in Congress push plan that would raise taxes on nearly half of small business owners
POTUS: “We have a very different view than Senator Scott and Republicans that want to raise taxes on middle-class families and want to include half of small-business owners in that.”
WASHINGTON, D.C. — Today, the Biden-Harris Administration released a report that highlights the historic growth of small businesses thanks to President Biden’s leadership. Americans across the country opened 5.4 million new small businesses in 2021, creating more than 1.9 million jobs. This small business boom has particularly benefited minority business owners, with Latinos starting new businesses at the fastest rate in more than a decade.
The report also analyzes for the first time the harmful impact of Senate Republicans’ agenda, showing that their plan would raise taxes on nearly half of small businesses owners – including 82 percent of those making less than $50,000 per year. These tax hikes on small business owners are in addition to their plan’s other proposals, including raising taxes on the majority of Americans and sunsetting Social Security and Medicare.
Read more about the new report and how President Biden has delivered for small businesses:
Washington Examiner: Biden touts small business boom at White House meeting