In this inflationary environment, many businesses must raise their prices to continue paying higher wages, taxes, and expenses and at least stay even in terms of profitability. NFIB reports that 70% of small businesses have raised prices, especially in such industries as wholesale, construction, retail trades, and manufacturing. And 46% of owners plan on implementing price hikes (which include some that have already raised prices). When raising prices, businesses primarily focus on how this affects customers…will higher prices discourage sales? But don’t overlook the impact that higher prices have on taxes.
