WASHINGTON, D.C. (Aug. 12, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the below statement following the U.S. House of Representatives’ consideration and passage of the Inflation Reduction Act of 2022:
“The small business economy is recovering, but owners continue to manage several economic challenges,” said Kevin Kuhlman, NFIB Vice President of Federal Government Relations. “Inflation remains a top issue for businesses in every sector, with over a third of owners reporting it’s their top business problem, the highest level since 1979. Seventy-five percent of owners also reported that inflation is worsening for their business. While the Inflation Reduction Act of 2022 doesn’t include a direct tax on small businesses, it includes components that are concerning for owners, specifically the new IRS enforcement that could negatively impact law-abiding small business owners. Additional compliance burdens and responding to enforcement measures are an indirect tax on small business owners, requiring time and resources that many businesses don’t have. NFIB is disappointed that Congress passed these components that will further complicate Main Street’s economic recovery.”
NFIB sent a letter of concern to Members of Congress regarding the Senate amendment to H.R. 5376.