Business Week provides data on the economic devastation of very small businesses in which the owner is the sole employee. They account for 6 percent of GDP. Here’s what occurred between the 2008 and 2010 tax years.
On average, nonemployer construction businesses lost 9 percent of their revenue in that period, bringing it to $50,000. Nearly 100,000 of them disappeared.
It is tough enough to endure a recession, but the misery only gets worse by imposing economic policies that saddle business with even more regulations and uncertainty about the future. And that’s exactly where we are today. Sad.
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