Support Small Businesses on Small Business Saturday
After the chaos of Black Friday, it’s time to shift our focus to Main Street and support small businesses on Small Business Saturday. This year, it’s more important than ever to shop local and show our love for mom-and-pop shops.
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(iStock / iStock)
Small businesses are facing tough economic challenges, including inflation, supply chain disruptions, and excessive regulations from the government. They need our support to overcome these roadblocks and continue providing jobs and opportunities in our communities.
Why Small Business Saturday Matters
Small businesses are the backbone of our economy, responsible for creating two out of every three jobs in the past 25 years. They contribute to local sponsorships and events, supporting schools and sports teams. When we shop at small businesses, our dollars stay within the community, benefiting everyone.
Bank of America President of Small Business Sharon Miller discusses small business owners’ concerns regarding the economy and politics, and the economic outlook for female business owners.
Supporting small businesses goes beyond just shopping on Small Business Saturday. We need to urge Congress to take action and level the playing field for small businesses compared to big corporations. There are three key policies that we can push for:
1. Stop the Massive Tax Hike on Small Businesses
In 2017, Wall Street received permanent tax cuts while Main Street’s relief was temporary and set to expire in 2025. Small businesses are already holding back on job creation and wage hikes because they anticipate paying more taxes. It’s crucial for Congress to pass the Main Street Tax Certainty Act immediately to prevent a massive tax burden on small businesses.
2. Provide Relief from Soaring Credit Card Fees
Every time you swipe your credit card at a small business, they have to pay a 3% processing fee. This is because a few large credit card companies dominate the market, leaving no room for negotiation or competition. By passing the Credit Card Competition Act, small businesses will have more choices and lower fees, allowing them to keep prices low and invest in their employees.
3. Remove Burdensome IRS Mandate
Starting in January, small businesses earning over 0 through platforms like PayPal and Venmo will receive tax forms from the IRS. This mandate creates confusion as the IRS may not be able to differentiate between income and shared expenses. Congress should act immediately to remove this burden and prevent small businesses from facing unnecessary tax liabilities.
This Small Business Saturday, let’s not only shop at local stores but also make our voices heard. Reach out to your representatives and senators, urging them to support small businesses and create a fair business environment. Together, we can empower Main Street and foster economic growth in our communities.
Brad Close is president of the National Federation of Independent Business.
