Congress Shouldn’t Raise Taxes On Investments That Create Black-Owned Business

2.6 million Black-owned businesses that generate more than $138 billion in revenue annually.
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Across the 50 states, there are 2.6 million Black-owned businesses that generate more than $138 billion in revenue annually.

Georgia is among the nation’s leaders as Black entrepreneurs and Black enterprise flock to our state to launch new business to create jobs and wealth.

There are more than 8,900 Black-owned businesses that employ 83,000 workers in Georgia, according to Zippi, a national job placement and career site. That makes our state second in the nation for Black-owned business.

Most business-owners got their start because someone took a risk and invested capital because they had a good idea – from building car washes to launching a series of hair salons or apartment complexes or BBQ restaurants. These risk-takers should be honored as heroes in their local community, helping to foster prosperity, as they are the backbone of our nation’s economy.

Unfortunately, just as our economy is starting to rebound after the COVID-19 pandemic, some members of Congress are pushing a misguided business investment tax that will make it harder for Black-owned businesses to receive critical private investment needed to launch or expand their business – and succeed in times ahead.

Known as carried interest, Congress is seeking to eliminate a provision whereby investors would have to pay taxes on their investment right away instead of after a project starts earning profits.

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