Small businesses call on Congress to pass the Inflation Reduction Act of 2022

Dear Policymaker,

Small businesses are the backbone of our nation’s communities and economy, but we need support to help level the playing field and create a healthy environment for entrepreneurship. That’s why we strongly support the provisions outlined in the Inflation Reduction Act of 2022. 

The Inflation Reduction Act of 2022 strengthens small businesses by closing tax loopholes  and ensuring that large corporations are held accountable and pay their fair share. This is critically important because our nation's tax system has unfairly benefited the largest corporations at the expense of small business owners, their employees, and independent entrepreneurs. 

• Establishing a 15% corporate minimum tax on corporations with profits in excess of $1 billion is a commonsense measure, particularly when there are more than 200 large corporations that use tax loopholes to avoid paying a tax rate of 21%. 
• In addition, funding allocated to enforce the tax code and hold large corporations accountable is essential to our small business ecosystem. Large corporations are taking advantage of our system, and small businesses deserve to operate on a level playing field.

The proposed bill also includes support for access to affordable, quality healthcare, which we know significantly impacts small businesses and their employees because they have historically comprised a disproportionate share of the working uninsured population. 

• Extending the Affordable Care Act’s premium subsidies through 2025 will enhance access to coverage, mainly among those still impacted by the effects of the pandemic. It will also ensure that premium costs remain low and that sole proprietors, who make up a large share of the enrollees in the marketplace, can access affordable coverage for them and their families. 
• Finally, the legislation empowers Medicare to begin negotiating drug prices so that patients can get the best cost on high-priced drugs.  

In addition to the policies outlined above, we support the bill’s energy, security, and climate change investments. 

We call on Congress to pass the Inflation Reduction Act of 2022 to better support our nation’s small businesses.