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Deflation is a bigger risk factor in the U.S. right now than inflation.
In 2009, the U.S. had a net deflationary period. In 2010, there were a few months of inflation below 3%, while most of the year it was below 2% (mostly at nearly 1%, which is low). Maintaining inflation at around 2% is desirable.
You want to know what isn't desirable? A deflationary spiral during an economic downturn/trough. It shoots recovery in the head. If the U.S. returns to a deflationary period again (which is a real risk), then corporate profits will tank and it will force them into holding onto their money instead of spending it for future growth.
How long do you want to stay in the trough?
And here's a newsflash: small businesses are suffering globally, not just in the U.S. It's a shitty time to be doing business and small businesses are more susceptible than larger ones. Until we see an economic recovery worldwide, you can't expect the business environment in the U.S. to magically go to booming.
Economies are globalized; that means economics is globalized. Look at the big picture, not just within U.S. borders. The tax environment is just one factor. If returning to previous tax levels is going to be ruinous, then there is clearly something else wrong with the environment.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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