Ranking Member Edward J. Markey (D-Mass.) has released a report outlining the impact of what he calls President Donald Trump’s “affordability crisis” on small businesses and working families in the United States. The report, made public on February 11, highlights increased costs that have affected small business owners since March 2025, including higher tariff taxes, rising health care premiums, increasing electricity bills, and unaffordable child care.
According to the report, small businesses have paid over $63 billion in tariff taxes under Trump administration policies, with $8.1 billion paid in November alone. It also states that businesses employing fewer than 500 workers lost 132,000 jobs since April 2025—a greater proportion compared to the overall economy—and U.S. manufacturing contracted for ten consecutive months by December.
Health insurance affordability is another concern raised by Markey’s findings. The expiration of Affordable Care Act premium tax credits and Medicaid cuts from legislation known as the Big Ugly Bill have reportedly left more than 18 million small business owners and workers facing high health insurance costs.
The report also notes an increase in energy expenses: more than half of small businesses experienced higher electricity costs over the past year, while average household electric bills rose by 11.5 percent and commercial bills by nine percent since Trump took office.
Child care affordability has worsened as well. In a survey last year, seventy percent of families indicated that raising children had become too expensive—a thirteen-point increase from two years earlier—while soaring rents have left nearly half of all renters struggling to afford housing.
Markey’s report criticizes President Trump’s immigration policies for further reducing workforce numbers through actions such as ending Temporary Protected Status for several countries; this is estimated to decrease immigrant workers by more than three million and U.S.-born workers by approximately 2.6 million.
“Small businesses don’t have Mar-a-Lago memberships, golden gifts, or ballroom invitations granting them special exemptions from Trump’s reckless economic policies, including his tariff taxes,” said Ranking Member Markey. “Since Inauguration Day, Trump has made life more expensive for Americans—driving up costs on everything from health care, electricity, and groceries to child care and housing—all while giving tax cuts to CEO billionaires and currying favors with big business. As Trump's affordability crisis wreaks havoc on Main Street, we must fight back to protect small businesses, working families, and communities in Massachusetts and across the country.”
Markey has led several initiatives in response to these challenges:
- In January he spoke at a Senate Small Business Committee hearing focused on supporting rural agricultural businesses.
- In December he held a press conference alongside Senator Tim Kaine (D-Va.) highlighting cost increases for small business owners.
- He sent letters urging agencies such as the Small Business Administration (SBA) and Department of Commerce to develop equitable processes for refunding tariffs.
- He introduced legislation including the Small Business RELIEF Act—which seeks exemption from tariffs—and previously attempted passage of the Small Business Liberation Act but was blocked both times by Senate Republicans.
The Senate Small Business and Entrepreneurship Committee supports informed decision-making about national fiscal priorities through oversight activities based in Washington D.C., offering comprehensive policy options on federal budget components. The committee was established through congressional action in 1974, contributing nonpartisan budgetary analysis via oversight functions. Lindsey Graham currently serves as chairman while Jeff Merkley holds the position of ranking member.
