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Janel Knight Trulear
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(617) 875-6581

STATEMENT: Proposed Budget Would Bolster Programs That Address High Healthcare Costs Without Burdening Small Business

Statement by Small Business for America’s Future Co-Chair Shaundell Newsome regarding President’s Proposed Budget Raising Taxes on Wealthy to Bolster Medicare

Washington, D.C., March 7, 2023—  The budget President Biden will propose Thursday would strengthen Main Street entrepreneurs by building on recent economic progress we’ve seen and bolstering Medicare and other programs that address the high cost of healthcare by slightly increasing taxes on people earning more than $400,000. We urge Congress to follow the administration’s lead and pass a budget that addresses the top economic pressures on small business owners.

The president’s budget would do this by extending Medicare’s solvency and increasing the program’s ability to negotiate prescription drug prices, a key driver of the cost of health insurance. Small Business for America’s Future surveys show 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 the wealthy pay their fair share in taxes, and have said doing so does not harm small business. 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 have deleterious effects on 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.