Inflation continues to take a serious toll on employers and families alike.
In a recent study by the National Federation of Independent Business, job creators ranked the cost of supplies and inventories as their second-most pressing problem — moving way up from its ranking as 12th in 2020.
There are many challenges to owning and operating a small business, but nothing exacerbates those challenges like inflation.
Our family-owned businesses are left to make some very difficult decisions: raise prices and risk losing a competitive edge with big corporations, cut jobs and take on more hours, or worse yet, close shop for good.
To add insult to injury, next year, our small business owners will be smacked with a massive federal tax hike with the expiration of the 20% Small Business Deduction.
If Congress fails to act, this tax hike would wreak havoc on our Kansas’ small businesses. Losing the small business deduction could very well be the largest federal tax increase on small businesses in memory.