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Post-pandemic, ‘small business fetishism’ could cost us jobs, wages
Small business is “the engine room of Australia,” the “backbone of our economy,” the “hope of the side”. They are the words used by the then treasurer and now prime minister Scott Morrison to justify special treatment for small businesses, an approach shared by leaders in every political party from Labor to One Nation to the Australian Greens It’s a belief that underpins a wide range of grants and subsidies, free advice programs and preferential tax treatments, including exemptions from payroll tax a lower rate of company tax discounts on personal income tax if unincorporated exemptions in prescribed circumstances from capital gains tax up-front tax-deductibility of capital investments less onerous…
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California small businesses confront rising inflation, wages
For Vivian Bowers, owner of a South Los Angeles dry cleaner, inflation hit home when her wholesale cost for hangers soared by 48{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} in six months. Tom Bock, who runs an electric bike dealership in Huntington Beach, has had to pay his workers 25{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} more, on top of a boost in commissions. Hagop Berberian, owner of an auto repair shop in Inglewood, is afraid to fully pass on the escalating cost of tires, motor oil and Freon. “Either you keep the customer happy or you lose the customer,” he said. Skyrocketing inflation is slamming many of California’s 1.6 million small businesses, which employ more than half the state’s workforce. Supply…
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