10 December, 2021

Inflation Is Already Hitting Businesses Hard, so Let’s Kick Them While They’re Down

Top CEOs Wary Of Biden Tax Hikes, New Coronavirus Variants | The Daily Wire

“We urge Congress to reject harmful tax increases like those included in the House-passed Build Back Better Act, which would be a shift in the wrong direction for our economy, American businesses and workers,” said Bolten, who also lauded the Infrastructure Investment and Jobs Act as “an important investment in the long-term health of the economy.”

“This quarter’s survey reflects the encouraging signs we’re seeing with the economic rebound as consumers begin to resume travel and spending,” added Business Roundtable Chairman Doug McMillon, who serves as CEO of Walmart. “Continued progress in defeating the pandemic, including new variants, will be necessary to sustain strong growth into the second half of 2022.”

Inflation is causing business costs to skyrocket, not just in terms of goods and services needed, but also many businesses are being forced to pay their employees more. This means that they must also raise their prices or be forced to suffer losses. Increasing their tax burdens will only make things worse.

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