April 29, 2022/Media, Press

GOP Tax Plan Would Pummel North Carolina’s Small Business Owners

Under President Biden’s leadership, small businesses in North Carolina and across the country are on a path to recovery following the economic downturn brought on by the pandemic. In 2021, Americans applied to start 5.4 million new small businesses – more than 20 percent higher than any other year to date. In North Carolina, over 50,000 new businesses started last year and over 2,500 restaurants received over $250,000 in funding to stay open thanks to the American Rescue Plan. 

Under the Republicans, North Carolina’s small businesses would be devastated by the GOP’s plans to impose tax hikes on half of Americans: 

  • 56.3% of small business owners in NC could see tax hikes of $1,800 on average
  • 83.1% of small business owners earning less than $50,000 could see tax hikes of $1,600 on average

“Small businesses are the foundation of North Carolina’s economy and enrich our lives and our communities. If the GOP gets their way, North Carolina’s small business owners will bear the brunt of these ruthless tax hikes. Meanwhile, President Biden and Democrats are committed to building on progress made to support our state’s small business owners,” said NCDP Spokesperson Ellie Dougherty