Main Street employers face tax troubles

According to a report by the National Federation of Independent Business (NFIB), many small business owners are increasingly concerned about taxes, with a quarter labeling them a “critical” problem. This marks a 5% increase since 2018, despite the Tax Cuts and Jobs Act reducing the corporate tax rate from 35% to 21%. Holly Wade, executive director of NFIB’s Research Center, emphasized the importance of supporting small businesses, stating, “Small businesses employ nearly half of the private sector workforce.” The report highlights health care costs as the top concern, affecting 41% of small business owners, alongside inflation and rising supply costs. Chris Carlozzi, executive director of NFIB’s Massachusetts chapter, noted that “rising costs of health care, excessive taxes, and steep energy costs” are significant issues for local businesses. The report calls for policymakers to address these challenges to ensure the survival of small businesses.