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SBE Council Says Small Businesses Need Policy Stability and Relief, Not Higher Taxes and More Regulation as Jobs Data Disappoints
Earlier today, the
US Department of Labor Statistics issued data that indicated 266,000 jobs were added during the month of April. This fell far short of expectations as observers anticipated over a million new jobs. The unemployment rate ticked higher to 6.1%.
The news undermined the Biden Administrations’ plans for higher taxes and a more stringent regulatory environment. The numbers arrived following the Biden Administrations’ $1.9 trillion “COVID relief” legislation as “stimy” checks were delivered across the country. Meanwhile, COVID cases are decreasing as vaccinations have become widespread and, effectively, anyone who wants the vaccine can quickly get one.
Biden’s Carried Interest Tax Would Force All Partnerships to Carry Big Burden
“The Biden administration and its allies excel at leveraging crises to expand government,” observes my CEI colleague Wayne Crews on the Biden “infrastructure” plan. The flipside of that is that the plan would also shrink investment and innovation in the private sector through its massive tax hikes.
Much has been written about the corporate and capital gains tax rates outlined in the plan being the highest at in the world. Ray Keating, chief economist of the Small Business and Entrepreneurship Council, writes that “in reality, taxes on upper-income earners do not exclusively affect those being particularly targeted. Rather, the increased costs and altered incentives, again, have clear negatives in terms of lost economic, income, and employment growth.”
Small Business & Entrepreneurship Council: Biden Policy Like Capital Gains Tax Increases Could Derail the Recovery, Harm Entrepreneurs
April 30, 2021 @ 2:38 pm By JD Alois
The Biden administration has just completed its first 100 days in office. Since January, the Administration has proffered a whirlwind of policy changes and legislation from massive spending in the trillions of dollars to profound changes in the tax system. Meanwhile, the economy has already turned the corner on the pandemic as vaccinations are ubiquitous and COVID infections are declining.
This week, GDP growth delivered a strong 6.4% annual rate of growth – meaning people are going back to work and businesses are re-opening. But the good news today may be squashed by policy changes tomorrow notes the
Source: United Kingdom London Metropolitan Police
An operation targeting violent criminals linked to the supply of firearms and drugs resulted in 12 arrests on the morning of Wednesday, 14 April.
The suspects, aged between 17 and 27, were identified following almost 18 months of investigation by the Met’s North West Basic Command Unit.
Police also seized class A and B drugs, cash, drug distribution equipment and multiple mobile phones believed to have been used to organise illegal transactions from the addresses in Brent.
Eleven men and one woman were arrested for a number of different violence and drug related offences, including being concerned in the supply of class A drugs.
Helen Annette Njau, Esq. knew nothing of how an update Apple will make to its mobile operating system might affect her small business until she heard about it directly from a Facebook representative back in November.
“I got a message from a Facebook person saying, ‘Do you want to chat for a second?’” said Njau, co-founder of House of Takura, which makes bags from vibrantly printed fabrics sourced in Kenya and Tanzania.
By December, Njau was convinced the changes would be detrimental to her business. A former lawyer, she complained to the Federal Trade Commission’s Technology Enforcement division and also suggested to members of the Leaders Network, a private Facebook group for small business owners with 1,300 members,