Pain Street: Trump’s Small Business Affordability Crisis
Summary
A report titled Pain Street: Trump's Small Business Affordability Crisis. Its introduction states that at the end of the first year of the Trump administration, the administration's economic policies are making life unaffordable for American small businesses, their workers and their customers, citing costs for health care, electricity, groceries, child care and housing. The section on tariffs states that small businesses have paid more than $63.1 billion in tariff taxes since March 2025 and that small businesses are estimated to pay nearly $100 billion per year if the tariffs remain. The report quotes small business owners, including one who says more than $93,000 in tariffs has been paid this season.
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- Pain Street Affordability Report
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“Pain Street: Trump’s Small Business Affordability Crisis.”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/pain-street-affordability-report/
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Pain Street:
Trump’s Small Business
Affordability Crisis
Introduction
At the end of the first, unpredictable, lawless year of the Trump administration, one fact has
remained constant: President Trump’s economic policies are making life unaffordable for
millions of American small businesses, their workers, and their customers. Since Inauguration
Day, America’s 36 million small businesses and their workers have faced increased costs for
everything from health care to electricity, groceries, child care, housing, and other everyday
necessities.
Last July, President Trump and MAGA Republicans passed their so-called One Big Beautiful
Bill Act, legislation that slashed health care assistance for families and children. In addition,
Trump and Republicans blocked legislation that would have helped 22 million Americans afford
their health care. Instead of supporting
affordable, clean energy sources, the
Trump administration killed low-cost “President Trump's unilateral executive tariffs
renewable energy products and sided are a power grab. By sidelining Congress, they
with Big Oil—sticking small cut out the voices of the American people
businesses with the utility bill. And including small business owners like me. I've
while small businesses are contending paid more than $93,000 in tariffs this season
with rising health care and energy alone and was forced to both take out loans
costs, they have also had to deal with and slash inventory in half when 145 percent
the whiplash and cost of Trump’s tariffs on China were announced. This leaves
reckless tariffs. parents now without access to my life-saving,
crash-tested car seat coats and blankets as
While Trump’s CEO billionaire temperatures drop.”
donors and large businesses get tax
cuts, exemptions, handouts, and
special treatment, small businesses “These tariffs don’t just hurt small business
must fight to get by on razor-thin owners, they hurt the children and families
margins. America’s small businesses who depend on us to keep their children warm
deserve better. This report highlights and safely buckled in car seats,” said Dahlia
the Trump administration’s policies Rizk, Founder and CEO of Buckle Me Baby
that are creating an affordability crisis Coats in North Andover, MA.
for small businesses, their workers,
and their customers across the country.
1
Tariff Taxes for Small Businesses
$63.1 billion and counting in small business tariff taxes.
Trump’s reckless tariffs are turning Main Street into Pain Street. Since March 2025,
America’s small businesses have paid more than $63.1 billion in Trump tariff taxes, including
$8.1 billion in November alone. 1 Small businesses are estimated to pay nearly $100 billion in
Trump tariff taxes per year if the tariffs remain. 2 President Trump announced that his global
tariffs were a “liberation day,” but for America’s 36 million small businesses, Trump’s tariffs
were obliteration day. 3
President Trump launched a global trade war against nearly every country in the world with
his reckless tariff policies, which have raised the average tariff rate on goods from 2.4 percent to
16.8 percent since he took office. 4 The whiplash of Trump’s tariff policies hits America’s Main
Streets the hardest: 97 percent of all businesses engaged in trade are small and represent one
third of all trade in the U.S., importing goods worth $868 billion in 2023.5
2
While President Trump claims foreign countries are
paying his tariff tax, it is in fact American small “Sales are down while costs
businesses and consumers who are footing the are skyrocketing, creating an
bill. Analysis by the Kiel Institute for the World unsustainable future,” said
Economy found that 96 percent of Trump’s tariffs are Julie Robbins, CEO of
being paid by American importers and consumers. 6 EarthQuaker Devices, a
domestic American
Small businesses operate on razor-thin margins and manufacturer based in Akron,
have little to no capacity to pay Trump’s tariff taxes. OH.
Tariff tax payments and the Administration’s
unpredictability are preventing small businesses from “This year, we’ve paid over
expanding their operations or paying down debt. Many $60,000 in tariffs, sales
businesses have been forced to close their doors or let go revenue has dropped 10
of workers. Businesses with fewer than 500 workers lost percent, and electricity rates
132,000 jobs since April 2025—disproportionally more have risen 30 percent.”
jobs than the overall economy. 7 Businesses with fewer
than 20 workers lost 62,000 jobs since January 2025. 8
President Trump claims his tariff policies are bringing forth a “manufacturing renaissance,”
yet the numbers say otherwise. Approximately 98 percent of manufacturers in the United States
employ fewer than 500 workers, with 75 percent of manufacturers employing fewer than 20. 9
These small manufacturers account for 40 percent of America’s nearly 13 million-strong
3
manufacturing workforce. 10 As a result of Trump’s tariff taxes, U.S. manufacturing shrank for
the tenth consecutive month in December, 11 and U.S. factories have shed 72,000 jobs since
Trump’s “liberation day” in April. 12
Trump’s tariffs are creating a small business affordability crisis. Small businesses are the
backbone of the American economy—but on Main Street, Trump’s tariffs are backbreaking.
Health Care Premiums
Over 18 million small business owners and workers face unaffordable health insurance costs.
The Trump administration is making health care unaffordable for small businesses and their
workers. Since Inauguration Day, Trump has slashed health care resources that small businesses
rely on, including Medicaid and Affordable Care Act (ACA) premium tax credits.
President Trump’s Big Ugly Bill cut funding for Medicaid, which provides health care
coverage to low-income families, by $1 trillion. 13 This is devastating for small businesses. Last
year, the Senate Small Business and Entrepreneurship Committee (SBC) Minority found that
630,000 small business owners and more than 7.5 million small business workers rely on
Medicaid for health care coverage. 14 Cuts to
Medicaid are eroding the financial viability of
hospitals across the country and putting hospitals at “Since becoming a small business
15
risk of closure, including in rural communities. owner a few years ago, our family
Hospital closures also undermine local economies has been relying on the Health
16
and small businesses within them. Connector and the advanced tax
credits in order to afford health
MAGA Republicans allowed enhanced insurance,” said Miki A. from
premium tax credits (ePTCs) to expire on Waltham, MA.
December 31, 2025. 17 More than 10 million small
business owners and workers rely on ePTCs to “Even with the credits in place, our
afford their ACA health insurance coverage, costs have gone from about
including 4.2 million small business owners $600/month in 2025 to currently
alone. 18 SBC analysis found that as a result of these almost $1,000/month in 2026 for
MAGA cuts, 447,000 small business owners the same coverage. It’s terrifying
nationwide will lose access to the tax credits to envision what will happen going
altogether in 2026, and the remaining small forward.”
business owners will have their tax credits cut. 19
Price increases on the ACA’s individual marketplaces are stunning. This year, marketplace
premiums are 114 percent more expensive on average than the same coverage was in 2025,
largely due to the expiration of ePTCs. 20 ACA small group plans are 11 percent more expensive
on average this year than in 2025. 21 Many of the health insurers offering plans in both the ACA’s
individual and small group markets also cite Trump’s reckless policies as a reason for increased
costs. 22
While large corporations can afford to offer their own private health insurance plans, small
business owners often rely on programs like Medicaid and ACA marketplace plans to access
4
affordable coverage for themselves and their workers. Fewer small firms offered health insurance
coverage to their workers in 2025 (59 percent) than five years ago (67 percent), while firms with
200 or more workers continued to offer coverage to workers at the same rate (97 percent in
2025). Small businesses have stated that the high cost of health insurance is a barrier to offering
benefits. 23
These cuts are causing health care costs to skyrocket for small business owners and their
workers, placing small businesses at a disadvantage compared to large corporations, and putting
hospitals at risk of closure. President Trump is creating a health care affordability crisis by
undermining local economies and main streets with his disastrous health care policies.
Energy Prices
Survey finds that more than 57 percent of small businesses have seen their energy costs increase
in the last year.
On the campaign trail, President Trump repeatedly claimed that he would slash Americans’
energy bills in half or more within 12 months. 24 Instead, President Trump’s policies are turning
the lights off on Main Street.
5
Since Inauguration Day, Americans’ household electric bills have increased by 11.5 percent,
and commercial electric bills have increased by 9 percent. 25 These energy costs have increased
more than three times faster than the overall rate of inflation, straining businesses who must
worry about raising prices to cover their rising
costs. 26 In total, utilities around the country have
increased or sought to increase electric and “Utility costs are one of the fastest-
natural gas utility bills by more than $85 billion. 27 growing pressures on child care small
businesses, and there is no flexibility
According to survey data provided to the SBC to absorb them,” said Janna
Minority by a small business organization, more Rodriguez of Innovative Daycare
than 57 percent of small businesses surveyed have Corp. in NY.
seen their energy bills increase over the last
year—a trend likely to increase as Trump “Over the last two years, my electric
continues to attack cheap, clean, American-made and gas bills have increased by
energy while extreme weather events intensify as roughly 30 to 40 percent, adding
a result of climate change. hundreds of dollars a month to
operating costs. In child care,
Yet, instead of working to meet that demand, utilities are not optional overhead
Trump and MAGA Republicans have hamstrung — they are tied to licensing
U.S. energy through their Big Ugly Bill and other requirements, health standards,
administrative actions, including blocking permits ventilation, temperature control, and
for clean energy projects, ending clean energy tax long operating hours. If these
breaks, and unlawfully seizing funds passed by pressures are not addressed, we risk
Congress to add more clean energy to the grid. 28 losing experienced providers who
Republicans’ anti-energy policies are worsening simply cannot sustain the financial
the affordability crisis and raising prices on small strain.”
businesses when they can least afford it.
Workforce Challenges
Half of renters burdened by housing costs, 70 percent of families can’t afford child care, and over
5 million workers lost due to President Trump’s immigration policies: disaster for the U.S.
workforce.
The Trump administration is stealing jobs from America’s small businesses. Trump’s reckless
attacks on child care, housing, and immigration are creating pain for small business owners and
their workers, who are the backbone of our local communities and are already struggling to put
food on the table. Trump’s cuts to federal programs are not only responsible for putting pain on
Main Street—his actions have caused an affordability crisis at home for America’s working
families.
Unaffordable Child Care
Republicans have made child care less affordable and less accessible for the millions of
working families that rely on it. Last year, 70 percent of families said raising children is too
expensive—a 13-point jump from 2024. 29 More than two-thirds of families with children age 5
6
and under need child care because all available parents are in the workforce. 30 Meanwhile,
working parents, on average, are spending 24 percent of their income on child care, with 20
percent of working parents saying they spend more than $36,000 per year. 31
When child care is unaffordable, small businesses lose access to potential workers, with 80
percent of small business owners agreeing that workers who have young children would be more
likely to remain in the workforce if they have access
to affordable, high-quality child care. 32 Rather than
“Defunding child care is a clear making child care more affordable, the Trump
attack on working families and administration is choosing to cut federal funds that
child care providers like me,” help with child care costs.
said Nancy Harvey, a licensed
family child care provider and Nearly 1 million families receive assistance every
owner of Lil Nancy’s Primary month to subsidize the cost of child care through the
Schoolhouse in Oakland, CA. Child Care and Development Fund (CCDF) program,
and the Trump administration is using the program to
“But forcing me to close my politically target blue states. On January 6, President
doors would do more than put Trump froze CCDF money in five states (California,
me out of business – it would Colorado, Illinois, Minnesota, and New York) and
hurt the kids I love building required all other states to meet “Defend the Spend”
educational foundations with and verification requirements. 33 The Administration has
the parents who rely on me to get provided no guidance or clarity on what those
to work every day.” requirements are, and some states are already
reporting funding delays. 34
Child care small businesses and working families that rely on those funds are scrambling to
keep their businesses open and their children enrolled in child care programs. The Trump
administration has not provided a timeline or any information on what they expect from states to
lift the arbitrary freeze.
Child care is a necessity, yet the Trump administration is choosing to escalate the child care
crisis by making it even more unaffordable for hardworking small business owners, their
workers, and working families.
Housing Costs
President Trump directed his Administration to bring down housing costs on day one of his
presidency. 35 Instead, homebuying is now at its lowest level in the United States since the
1990s. 36 Soaring rents have left a record 22.6 million renters—approximately 50 percent of all
renters in the U.S.—struggling to afford their rent. 37 Housing shortfalls in high-growth areas
force workers to live farther from their jobs, increasing commute distances and times and
reducing productivity. Small businesses suffer when their workforce can no longer afford to live
in their communities.
As housing costs surge and longer commutes remain a barrier for workers, small businesses
struggle more than large businesses to attract talent. 38 According to the U.S. Chamber of
7
Commerce, “High mortgage rates and soaring rents have further exacerbated the crisis, which
now impacts the broader economy by reducing consumer spending, increasing employee
turnover, and hindering businesses’ ability to attract and retain talent. Addressing this shortage is
essential for stabilizing the market and supporting long-term economic resilience.” 39
Immigration Challenges
President Trump’s cruel anti-immigration policies are costly to the U.S. economy, small
businesses, and immigrant communities. President Trump’s deportation agenda, including the
termination of the Temporary Protected Status (TPS) designation for many countries, is
estimated to reduce the number of immigrant workers by more than 3 million, and U.S.-born
workers by 2.6. 40
This Administration’s anti-immigrant policies hurt industries that rely on immigrant workers,
including health care, agriculture, and construction. Immigrants are a critical portion of the
workforce in these sectors: nearly 28 percent of all health aides and 16 percent of all nurses; 26
percent of workers in the agriculture industry; and more than 25 percent of workers in the
construction industry. 41
Trump’s immigration policies will exacerbate workforce shortages, increase the price of
goods and services, decrease business productivity, and lead to lower wages for all workers. 42
Mass deportations are estimated to cost the U.S. government tens of billions of dollars annually,
reduce overall GDP, and lead to job losses, including jobs held by U.S.-born workers. 43
Conclusion
President Trump has created a small business affordability crisis. Small business owners,
their workers, and the customers they serve are paying more for less. Unlike larger businesses
that can absorb or negotiate various costs—and often receive special treatment from Trump—
small businesses operate on thin margins. While Trump continues to tear down America’s Main
Streets, Democrats are committed to paying back small businesses that are burdened by Trump’s
tariff taxes, lowering health care costs, making child care more accessible, keeping the lights on
for Main Street, and strengthening the American workforce. We must continue fighting back
against Trump and MAGA Republicans’ reckless anti-small business policies to protect our
working families, job creators, innovators, and the fabric of our communities.
8
1
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2
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3
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4
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5
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7
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8
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11
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12
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14
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15
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16
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17
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ptcs.pdf.
18
S. Comm. on Small Bus. & Entrepreneurship, Democratic Staff, Democrats Are Fighting for Health Care for
Small Business Owners and Their Employees (Dec. 16, 2025),
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business-health-care-one-pager-12-16-25.pdf.
19
Id.
9
20
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21
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24, 2025), https://www.kff.org/health-costs/how-much-and-why-premiums-are-going-up-for-small-businesses-in-
2026/.
22
Matt McGough et al., Tariffs Are Driving Up Premiums for Small Businesses, KFF (Aug. 25, 2025),
https://www.kff.org/health-costs/tariffs-are-driving-up-premiums-for-small-businesses/.
23
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Health-Benefits-Survey-2025-Annual-Survey.pdf.
24
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25
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2026).
26
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Jan. 26, 2026).
27
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2025), https://www.americanprogress.org/article/electric-and-natural-gas-utility-rate-hikes-tracker/.
28
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2026), https://www.canarymedia.com/articles/clean-energy/22gw-renewables-under-trump-blockade; Ben King et
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2025), https://rhg.com/research/assessing-the-impacts-of-the-final-one-big-beautiful-bill/; Megan Mahajan & Eric
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of-the-greenhouse-gas-reduction-fund/; and Press Release, Union of Concerned Scientists, Trump Administration’s
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29
Jane Fillion, NEW: “High Cost of Child Care Shapes Families’ Choices and Futures”, First Five Years Fund
(Nov. 18, 2025), https://www.ffyf.org/resources/2025/11/new-high-cost-of-child-care-shapes-families-choices-and-
futures/.
30
First Five Years Fund, Fact Sheet: Child Care and the Economy (Mar. 6, 2024),
https://www.ffyf.org/2024/03/06/fact-sheet-child-care-and-the-economy/.
31
Id.
32
Id.
33
U.S. Dep’t of Health & Hum. Servs., HHS Freezes Child Care and Family Assistance Grants in Five States for
Fraud Concerns (Jan. 6, 2026), https://www.hhs.gov/press-room/hhs-freezes-child-care-family-assistance-grants-
five-states-fraud-concerns.html; see also, CCDF, TANF, and SSBG Funding Freeze FAQ, S. Comm. on Health,
Educ., Labor & Pensions, Minority Staff & S. Comm. on Fin., Minority Staff, (Jan. 21, 2026) (on file with
Committee).
34
See CCDF, TANF, and SSBG Funding Freeze FAQ, S. Comm. on Health, Educ., Labor & Pensions, Minority Staff
& S. Comm. on Fin., Minority Staff, (Jan. 21, 2026).
35
Delivering Emergency Price Relief for American Families and Defeating the Cost-of-Living Crisis (Memorandum
of Jan. 20, 2025), 90 Fed. Reg. 8245 (Jan. 28, 2025).
36
Laurel Wamsley, The U.S. Just Experienced Its Slowest Annual Sales of Homes Since 1995, NPR (Jan. 24, 2025),
https://www.npr.org/2025/01/24/nx-s1-5272647/home-sales-housing-affordability.
37
Joint Ctr. for Hous. Studies of Harvard Univ., The State of the Nation’s Housing 2025 (2025),
https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_The_State_of_the_Nations_Housing_2
025.pdf.
38
Makinizi Hoover & Isabella Lucy, The State of Housing in America, U.S. Chamber of Com. (Sept. 3, 2025),
https://www.uschamber.com/economy/the-state-of-housing-in-america
39
Id.
10
40
Ben Zipperer, Trump’s Deportation Agenda Will Destroy Millions of Jobs: Both Immigrants and U.S.-Born
Workers Would Suffer Job Losses, Particularly in Construction and Child Care, Econ. Pol’y Inst. (July 10, 2025),
https://www.epi.org/publication/trumps-deportation-agenda-will-destroy-millions-of-jobs-both-immigrants-and-u-s-
born-workers-would-suffer-job-losses-particularly-in-construction-and-child-care/#full-report.
41
Anna Shepperson, Immigrants Are Key to Filling U.S. Labor Shortages, New Data Finds, Am. Immigr. Council
(July 2, 2024), https://www.americanimmigrationcouncil.org/blog/immigrants-fill-us-labor-shortages-map-the-
impact/.
42
Ben Zipperer, Trump’s Deportation Agenda Will Destroy Millions of Jobs: Both Immigrants and U.S.-Born
Workers Would Suffer Job Losses, Particularly in Construction and Child Care, Econ. Pol’y Inst. (July 10, 2025).
43
Am. Immigr. Council, Mass Deportation: Devastating Costs to America, Its Budget and Economy (Oct. 2, 2024),
https://www.americanimmigrationcouncil.org/report/mass-deportation/; and Chloe East, The Labor Market Impact
of Deportations, Brookings Inst. (Sept. 18, 2024), https://www.brookings.edu/articles/the-labor-market-impact-of-
deportations/.
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- Size
- 1,010,198 bytes
- SHA-256
- 712a03817d401de510bb51ca205582db3f211cc3b168c80cf3065410de1271bc
- Original
- No public link identified.