A majority (57 percent) of small business owners now believe the U.S. economy has entered a recession, while only 30 percent of respondents rate the condition of the U.S. economy as good or excellent. Meanwhile, a vast majority of small business owners are opposed to a major component of the recently passed “Inflation Reduction Act.” Seventy percent of respondents oppose doubling the size of the IRS, which will trigger more audits of Mainstreet.
Elaine Parker, president of the Job Creators Network Foundation, said, “The U.S. economy is on shaky ground as Main Street continues to face rising prices, labor shortages, government red tape, and big tax burdens. The latest blow comes in the form of the misnamed Inflation Reductions Act—legislation that will raise taxes on job creators, pick winners and losers with ‘green’ subsidies, fuel even higher inflation, and sick the IRS on small businesses. Despite efforts by the White House to spin the bill as a ‘win,’ small business owners understand it’s a raw deal for America.”