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June 18, 2024

Small Businesses Urge Congress to Address Inflation

Small Businesses Urge Congress to Address Inflation

The National Federation of Independent Business (NFIB) recently outlined measures for Congress and the White House to help small businesses combat inflation. Small business owners have cited inflation as their primary concern, urging legislative action.

As small businesses struggle with inflationary pressures, the NFIB’s recommendations provide a roadmap for legislative relief. By addressing regulatory burdens, tax stability, competitive practices, energy costs, and healthcare expenses, Congress and the White House can support the backbone of the American economy.

Jeff Brabant, NFIB Vice President of Federal Government Relations, emphasized the need for government intervention.

“Congress and the administration helped get small businesses into this mess with excessive spending, now they can help get them out of it,” Brabant says.

He highlighted the overwhelming impact of inflation on small businesses in an uncertain economy and the need for regulatory and tax relief.

“By lessening regulatory burdens, providing tax relief, and more, Washington can prioritize the small business economy,” he adds.

Stephanie Camarillo, owner of Molly Maid in Boise, Idaho, echoed this sentiment.

“Inflation has touched every inch of our business, and we would welcome any relief to ease the regulatory and financial difficulties we continue to face daily,” Camarillo says in an NFIB release.

She stressed the importance of making the Small Business Deduction permanent for long-term planning.

Key Recommendations from NFIB

Halt Costly Regulations

The Biden Administration has imposed nearly $1.5 trillion in new regulatory costs, adding over 275 million paperwork hours for small business owners. NFIB urges the White House to retract burdensome regulations such as the Department of Labor’s overtime and independent contractor rules, OSHA’s walkaround rule, the EPA’s tailpipe emissions rules, and the DOE’s appliance energy efficiency rules.

Ensure Long-Term Price Stability

With over 30 million small businesses facing a significant tax hike at the end of 2025, NFIB calls on Congress to make the Small Business Deduction permanent by passing the Main Street Tax Certainty Act. This move is crucial for the financial stability of small businesses.

Anti-competitive practices within the credit card network ecosystem have led to unsustainable swipe fee increases, harming small businesses. NFIB advocates for the passage of the Credit Card Competition Act to introduce competition in the marketplace and reduce these fees.

Federal policies restricting domestic energy production have raised energy costs for small businesses, forcing them to pass these costs on to customers. NFIB urges Congress to pass H.R. 1 and S. 4072 to prevent the EPA from increasing costs further.

High healthcare costs disproportionately affect small businesses, hindering their ability to hire and invest in employee benefits. NFIB calls for the passage of the CHOICE Arrangement Act, the Lower Costs More Transparency Act, and the Employer Reporting Improvement Act to lower healthcare costs for small businesses.

Image: Envato

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