My take: Inflation laws really hurt small businesses - Albert Lea Tribune

My View: Inflation Control Laws Really Hurt Small Businesses

Released at 8:45 pm on Tuesday, August 16, 2022

My Perspective by Brad Kramer

How often do we hear Democrats preaching to us about wealthy people paying their “fair share”? inciting anxiety.

Starting a business is the hardest thing I’ve ever done. As far as I’m concerned, it’s harder than raising kids, getting married, and owning a home. It’s also worth doing! Business is nothing but the art of exchanging something of value for something of value. The business owner has thousands of other businesses, ranging from gas stations, factories, a small sideline selling art products, or something as simple as his daughter’s lemonade stand selling homemade lemonade, making him one of his models. may own one. Since my business is a consulting firm and primarily serves manufacturing companies, I have had the opportunity to work with many small business owners who care about the safety of their employees and manage the risks of their business. It’s an honor to be here. In doing so, I got to know the stories of these business owners and managers. Many operate with the goal of improving the lives of their employees and bringing resources to their communities. The type of business owners that Democrats accuse of being greedy and hold on to are rare. While there are business owners who try to squeeze all the profits out of their business in order to get more toys and wealth while exploiting and cutting corners of their workers, most business owners want to provide their workers with a good environment. We are committed to providing high paying jobs.

For these business owners, all the hurdles in their business are paying their workers adequately and providing those resources to their employees to improve their quality of life, such as increased paid leave and lower health insurance premiums. It means more challenges to do.

Do you have a public pension, 401(k), or other retirement account? You probably own stock in many large companies, and anti-inflation laws make them less profitable. That means you have to work into old age in order to pay more money in retirement for the same benefits. If you want GM and GE to pay your “fair share”, look into your retirement account. You probably own a part of the business that you think isn’t paying enough. When you think only “rich people” pay their fair share, the truth is that often what you call “paying their fair share” is… YOU!

My wife and I have faced many very difficult challenges while building our business. For example, having tough conversations with bankers, learning money management, how to pay bills when the business isn’t making money, paying taxes, and taking enough time out of your business. When I can’t take paid time off, I can focus on my family and each other. Starting a business is a completely unique skill from practicing whatever you start. They need to build on their carpentry skills to bill, cash flow, pay taxes, obtain proper insurance policies, market and sell their business, manage their employees, train them, and more. Those, customer management, etc. They are typically in the company’s marketing, HR, IT, Experts in safety, sales, operations and bookkeeping until the business can hire someone for each role.

One-fifth of US businesses fail in the first year. Half of businesses fail within five years. When a business fails, owners often lose everything they have invested in and have to repay the loan they insured. Many times this destroys marriages. Relatively few of the successful business owners become wealthy. If business owners don’t build businesses, our economy will stop. No efficient products or new products are brought to market. The quality of food and goods plummets. Unemployment will skyrocket. That’s exactly what happens when you put too much weight on your corporate shoulders. And that’s exactly what the Democrats’ Inflation Reduction Act is trying to achieve.

Over the last few years my wife and I have worked very hard to build our business. There is a running joke among entrepreneurs that someone “took 20 years to become an overnight success.” This means that what the world seems to have achieved overnight success has taken years of hard work and sacrifice. We have followed a path very similar to that of millions of entrepreneurs throughout American history. The more governments interfere with the efficient running of businesses, the more we hurt our own economies, the future of future generations, and our own communities.

If you think the 87,000 new IRS agents will only audit the “rich”, then you need to look first at your retirement account, your neighbors and your employer. Don’t be surprised if the auditees include you. The Inflation Control Act cuts nothing but jobs.

Brad Kramer is a member of the Freeborn County Republican Party.