is being peddled as a tax hike that will only impact big corporations and the wealthy. Don’t be fooled," Small Business and Entrepreneurship Council President Karen Kerrigan said in an email to FOX Business. "The effects of these tax hikes will be felt and absorbed by ordinary Americans and our nation’s small businesses.
"Increasing taxes on carried interest means many entrepreneurial firms and small businesses across sectors will not have access to the capital they need to compete, scale, innovate and navigate challenging economic conditions. This will only hurt local economies and workers and more broadly undermine U.S. competitiveness."
Manchin and Schumer agreed to a slimmed-down budget Wednesday that would increase taxes for the wealthy and corporations.would hit workers and small businesses that rely on large companies for supplies. "Our economy is facing hazardous headwinds," she continued. "American businesses and investors need as much of their capital as possible to heal supply chains, support their workers and pilot through destructive inflation. Rather than piling on painful government costs that ultimately hit workers and small businesses, policies need to be providing relief and stability."
U.S. economic growth dropped 0.9% in the second quarter after falling 1.6% in the first quarter, according to a Department of Commerce report released Thursday. The consecutive quarters of negative growth suggest the U.S.
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