Wade spoke on the economic challenges facing small businesses
WASHINGTON, D.C. (Sept. 14, 2023) – NFIB Research Center Executive Director Holly Wade testified before the U.S. House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access in a hearing titled, “Enabling Success: Examining the Competitive Landscape for Small Businesses.” Wade explained the economic challenges facing small businesses nationwide, including the increasing cost of financing, onerous regulatory burdens, and the impending expiration of the 20% Small Business Deduction.
“Small businesses appreciate the opportunity to discuss opportunities for Congress to create an environment for small businesses to grow and flourish. Small businesses continue to face economic headwinds including stubbornly high inflation, supply chain disruption, and pervasive workforce shortages. These headwinds all affect the competitive landscape for small businesses…
“Small business owners’ ability to grow and successfully operate their business are also constrained by unprecedented growth of burdensome regulations and red tape under the Biden Administration and the looming expiration of the 20% Small Business Deduction (also known as Section 199A) at the end of 2025…
“Small businesses need certainty to successfully invest, grow, and operate their business. Congress can help mitigate the many economic challenges facing small businesses by providing relief from burdensome regulations and eliminating the threat of tax increases. I appreciate your time and attention to these concerns. Thank you for the opportunity to testify today on behalf of small businesses.”
