Biden Wages War On Small Businesses During National Small Business Week

The following report is by Real Clear Wire:

President Biden claims to support small businesses during National Small Business Week this week, but his actions speak louder than words. Biden is waging war on small businesses, hitting them hard with new regulations, taxes, and inflation.

At the same time Biden gave his pro-small business remarks on Monday morning, First Republic Bank crashed in one of the biggest bank failures in American history due to Biden’s bad policies. As with the recent failures of Silicon Valley Bank and Signature Bank, First Republic buckled under the weight of plummeting asset values due to the Federal Reserve’s rapidly raised interest rates to fight Bideninflation. 

SEE: Collapse: First Republic Bank Becomes The 4th US Bank In 2023 To Fall. JPMorgan And PNC Buyout Bank

The banking crisis is limiting access to credit for small businesses, preventing them from operating at capacity or expanding. Small banks, which make 60% of small business loans and 80% of farm loans, are especially vulnerable as depositors flee for big banks in a perceived flight to safety. Biden and Democrats don’t seem to care. They want more government control over a far fewer number of banks. 

The lack of access to credit is only one front in Biden’s war on small businesses. Biden’s reckless spending has fueled historic and prolonged inflation that’s eroded small businesses’ already thin profit margins. Inflation under Biden’s presidency exceeds 15%, meaning entrepreneurs who can’t raise their prices are one-sixth poorer under Biden. 

Sensible legislation passed by the House of Representatives last week to rein in this inflationary spending and help small businesses has been rejected by Biden and his fellow Democrats. 

Biden is also stepping up his regulatory assault on small businesses. He is pursuing labor regulations that would make becoming an independent contractor or franchisee more difficult. And he is pushing environmental regulations that raise the cost of energy and transportation — two significant small business input costs. For instance, Biden’s EPA recently announced regulations to require two-thirds of new cars to be electric in only nine years. 

Finally, Biden is trying to pass massive tax hikes on small businesses. In his recent budget, Biden proposes raising the tax rate on small businesses structured as corporations by one-third. He promises to extend and expand the Obamacare investment surcharge tax to small business income. And he wants to return the top marginal tax rate to 40%. 

These tax hikes would transfer money from Main Streets across the country where it is needed to Washington D.C., where it would be spent on big government programs of little to no value. 

Job Creators Network’s American Small Business Prosperity Plan fights back in an effort to bring Main Street back. Each of the plan’s eight proposed policy provisions, co-developed with former Speaker of the House Newt Gingrich, enjoys over 70% support from American small business owners. Three of the plan’s provisions, ending reckless spending, regulatory relief, and work requirements for welfare, were passed in last week’s House legislation. 

One of the most critical aspects of this plan, which policymakers should take up next, is making the Tax Cuts and Jobs Act permanent. This 2017 legislation implemented numerous tax breaks for small businesses, including the ability to deduct 20% of their income. These tax cuts allow small businesses to operate on a level playing field with their big business and international competitors. 

However, without Congressional action, these small business tax cuts have begun to expire and will fully expire after 2025. Congress must act now so small businesses can make their financial and investment plans today. 

Making small business tax cuts permanent can help small businesses threatened by banking collapses and the Biden administration’s war on small business. There’s no better time for legislators to make such a commitment than during National Small Business Week. 

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AUTHOR COMMENTARY

When the Covid War was launched in 2020 under President Trump, one of the main goals of the global lockdowns was to cull small businesses, the middle class, and consolidate more power by allowing the corporations and private investment firms to monumentally expand their wealth and control.

While Biden’s policies certainly have not helped inflation, obviously, the acts committed by the Federal Reserve under Trump are insanely inflationary. Some estimates suggest 22% of all the currency in circulation was created in 2020 alone, while some are also suggesting it was more like 40% per the admitted data via the Federal Reserve. And then by the end of 2021, some are speculating that around 80% of the currency in circulation was created since 2020! The numbers that the government provides are fake, as to try and whitewash the severity of it; but this is obviously highly inflationary.

So, while I am most certainly not defending Biden, to label all of this “Bidenflation,” implying that it’s all Biden’s fault and Trump has no part in that, is not true and it is important to get the facts straight. Notwithstanding and truth be told, neither Biden or Trump run anything: they get their marching orders on stuff that they must say and do. The Federal Reserve should be getting almost exclusively all the blame here but they do not as always, as the media always points the masses in the wrong direction.

Even so, the policies that fall under the Biden administration are clearly designed to “finish the job” of ending what’s left of small businesses, small banks, and the remaining holdouts in the middle class.

SEE: Insanity: Biden Admin Unveils New Mortgage Rules That Forces Buyers With Good Credit To Pay More To Subsidize Those With Poor Credit

When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn.

Proverbs 29:2

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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