June 13, 2022/Media, Press

Small Business Applicants In NC Increased Under Biden While GOP Plan Would Increase Their Taxes

Thanks to President Biden, Governor Cooper and Democrats’ leadership, North Carolina’s economy is getting back on track. In 2021, North Carolina added 235,400 jobs and the unemployment rate has fallen to 3.4 percent. North Carolinians also applied to start more new businesses during President Biden’s first year in office than since 2005, including rapid small business growth in rural counties across North Carolina. 

Meanwhile, Republicans have put forth a plan that could put this economic progress in jeopardy. In addition to raising taxes on nearly 40 percent of North Carolinians and sunsetting Social Security and Medicare for more than four million people in our state, this MAGA agenda would increase taxes for 56.3 percent of small business owners in North Carolina, imposing tax hikes of $1,800 on average, and 83.1 percent of small business owners earning less than $50,000 could see tax hikes of $1,600 on average. 

“From day one, President Biden’s economic agenda has been about generating more growth and more innovation by giving working families more opportunities and by investing in our country’s small businesses. On the other hand, the GOP’s extreme MAGA agenda would raise taxes for North Carolina’s small business owners. North Carolinians can’t afford Republican control,” said NCDP Spokesperson Ellie Dougherty.