Title page
Contents
KEY TAKEAWAYS 1
INTRODUCTION 3
REFUTING CLAIMS ABOUT THE BENEFITS OF SMALL FIRMS 4
Claim 1: Small Businesses Promote Income Growth and Reduce Poverty Rates 4
Claim 2: Small Businesses Return More Revenue to the Local Economy 5
REFUTING CLAIMS ABOUT LARGE FIRMS AND CONCENTRATION 6
Claim 3: Large Corporations Are Accumulating Market Power 6
Claim 4: Large Companies Are Using Their Market Power to Harm Small Businesses 7
Claim 5: Large Firms Are Extracting More From Local Communities 9
Claim 6: Large Firms Are Using Their Market Power to Increase Inequality 10
Claim 7: Large Companies Pad Their Profits by Increasing Prices With Higher Markups 12
Claim 8: Consolidation Results in Poor Supply Chain Resilience 14
CONSEQUENCES OF ANTI-BIG-BUSINESS POLICY RECOMMENDATIONS 15
Questionable Recommendation 1: Challenge Mergers and Acquisitions 15
Questionable Recommendation 2: Increase Antitrust Enforcement Actions 16
Questionable Recommendation 3: Finalize the 2023 Merger Guidelines 17
Questionable Recommendation 4: Revive the Robinson-Patman Act 18
Questionable Recommendation 5: Pass a Series of New Antitrust Laws 18
Questionable Recommendation 6: Reform the Tax Code 20
Questionable Recommendation 7: Expand the SBA Office of Advocacy's Role 21
CONCLUSION 22
ENDNOTES 23