New FY 2024 Budget Would Make It Tougher for Small Businesses to Operate and Pay Employees
WASHINGTON, D.C. (March 9, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement in response to President Biden’s Fiscal Year 2024 budget proposal:
“The small business economy is still recovering, and business outlook is near historic lows. The expanding list of tax increases included in the FY 2024 proposed budget would crush Main Street’s ability to grow and create jobs,” said Brad Close, NFIB President. “Certain tax increases are being wrongly characterized as a closing of a ‘loophole’ and would compound with other rate hikes. The combination would directly hit small businesses as they manage ongoing economic headwinds. Congress and the administration should instead focus on policies that will provide certainty and promote economic growth to allow small businesses to create jobs and raise wages.”
NFIB released a “Small Business Growth Agenda for the 118th Congress,” which features feedback from NFIB small business members and highlights legislative priorities that would benefit small businesses.