FIRST-TIME JOBLESS CLAIMS SOAR AS CHILD TAX CREDITS HIT PEOPLE’S BANK ACCOUNTS, JOB CREATORS NETWORK REACTS
The Department of Labor revealed the number of first-time unemployment claims was 419,000 last week.
“It’s no surprise that jobless claims are up the same week that people’s child tax credits hit their bank accounts. The Biden Administration is literally paying people to stay at home to the detriment of small businesses. Now Democrats are planning a tax increase on small businesses. This week, Senator Wyden, Chairman of the Senate Finance Committee, unveiled a bill to curtail the 20 percent small business tax deduction to help pay for at least $3.5 trillion in new spending. It’s the latest front in the Democrats’ ‘War on Small Business.’ The small business tax deduction was a centerpiece of the 2017 Tax Cuts and Jobs Act that helped fuel the greatest economy in history. If Democrats succeed in killing the deduction, it will grind our recovery to a halt. Inflation is today’s reality, but stagflation will be tomorrow’s reality if the Democrats win this new battle in the ‘War on Small Business.’”
Today, JCN is running a full-page advertisement in the Wall Street Journal comparing the current economy under President Biden to that under former President Jimmy Carter. High inflation, soaring gas prices, and a policy agenda threatening jobs are among similarities. View the full-page ad here.
JCN released a backgrounder, “Biden and the Democrats’ War on Small Business.” The backgrounder summarizes the Democrats’ job-killing agenda in four areas: taxes, the minimum wage, lockdowns, and the PRO Act. To read it, click here.