Dear Editor: America is trying to dig itself out of a challenging economic environment. But at a time when businesses large and small struggle to cope with worker shortages, supply chain disruptions and lingering market realignments caused by the pandemic, it’s hard to believe proposals are being pushed in Washington that would actually drive private investments to the sidelines and make it harder for American small businesses to recover.
H.R. 1068 and S. 1598 and similar ideas proposed by the president would drastically increase taxes on entrepreneurs and stifle small business investments. In fact, while this tax increase is being pitched as a way to tax a small wealthy few, what’s being lost in the debate is that nearly 14,000 U.S. small businesses rely on the investments targeted by this tax. And while many believe this tax increase could pay for other programs, a recent study by the U.S. Chamber of Commerce showed this type of investment tax would actually reduce local, state and federal tax collections by up to $96 billion over the next five years, while simultaneously costing an estimated 4.9 million American jobs.
Private investment brings with it innovation, technology advances and wage growth, and keeps America a world leader. I urge Congress to reject this investment tax and work together to find ways to encourage private investment in our economy, not drive it away.
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