ATLANTA – Inflation and rising interest rates are squeezing small businesses in Georgia and across the country, several small business owners from Georgia testified Friday during a congressional field hearing in Peachtree City.
“Costs for everything have increased tremendously,” Lisa Winton, CEO of Winton Machine Co. in Suwanee, told members of the U.S. House Ways and Means Committee.
Winton said her company, which employs 40 workers, saw a 49% increase in sales after Congress passed tax cuts in 2017 sought by then-President Donald Trump, allowing her to hire additional employees. However, changes in tax policy by the Biden administration threaten the company’s profitability, she said.
Specifically, Winton cited limits now being placed on tax deductions for interest paid on business loans and on expensing of capital investments.
“Both of these changes are like a tax on manufacturing growth,” she said.
Matt Livingston of West Point, who owns a restaurant and residential construction business, said inflation is forcing him to raise menu prices, while a workforce shortage has forced him to close the restaurant at times. In some cases, employees failing to show up for work have said they can make more money staying home and collecting unemployment benefits, he said.
Livingston said he used to own four restaurants but had to close three because he couldn’t find enough workers.
“Employees expect higher pay for less work,” he said. “There’s no concept of an honest…
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