FOR IMMEDIATE RELEASE

Media Contact
Janel Knight Trulear
janel@emccommunications.com
(617) 875-6581

STATEMENT: Proposed Budget Helps Small Business With Healthcare Costs And Works Toward A More Level Playing Field

Statement by Small Business for America’s Future Co-Chair Shaundell Newsome regarding President’s Proposed Budget Raising Taxes on Wealthy and Large Corporation While Bolstering Medicare and Controlling Healthcare Costs

Washington, D.C., March 9, 2023— President Biden’s proposed budget would strengthen Main Street entrepreneurs by building on recent economic progress and bolstering programs that address the high cost of healthcare by ensuring the wealthy and large corporations contribute their fair share to our country. We urge Congress to follow the administration’s lead and pass a budget that addresses the top economic pressures on small business owners and levels the playing field for them with their large corporate competitors.

Proposals to extend Medicare’s solvency and increase the program’s ability to negotiate prescription drug prices, a key driver of the cost of health insurance, address the largest thorn in small businesses’ sides for decades—the high cost of healthcare. Small Business for America’s Future surveys  have consistently shown that the rising cost of prescription drugs and healthcare costs are a top concern for America’s small businesses and 85% support allowing Medicare to negotiate drug prices. 

Additionally, Main Street entrepreneurs have long supported proposals to ensure that large corporations and the wealthy pay their fair share in taxes, and have said doing so does not harm small business. This proposal to increase the incredibly low corporate tax rate of 21% established under the Trump Tax Cuts to a more fair 28%. It would also impose a 25% tax rate on billionaires, which is a huge improvement over the average 8% tax rate paid by 400 billionaire families—a far lower rate than is paid by millions of Americans, including small business owners.

Small business owners also will welcome the fact that the proposed budget would reduce the deficit by $2 trillion without placing any new taxes on small business owners or families making $400,000 or less.

The proposed budget stands in stark contrast to proposals by some legislators in Congress that would damage Main Street like repealing the Affordable Care Act and making deep cuts to healthcare programs—causing people to lose coverage and leading to higher healthcare prices. 

Small business entrepreneurship is booming coming out of the pandemic. We need to do all we can to support these entrepreneurs, not burden them with high healthcare costs that will hamper their success. Small businesses create jobs and economic activity in every community across this country. When they succeed, we all benefit.

To request an interview with Small Business for America’s Future Co-Chair Shaundell Newsome contact Janel Knight Trulear at 617-875-6581 or janel@emccommunications.com.

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.