Small Business Help from Federal Government
The Business owners of our District need an advocate in Congress to help level the playing field. Too many of our Representatives actively support the needs of huge corporations at the expense of small business owners — we all know that small businesses are the driver for economic growth and job formation in the United States.
These measures will help businesses of all sizes be in a better position to compete and fire up the engine of our economy:
Refining the Patient Protection and Affordable Care Act. The Healthcare reform legislation has already made a positive impact for millions of uninsured Americans. Small business owners have struggled for years with unpredictable and unreasonable premium increases and tax credits will now solve that problem for those businesses with 25 or fewer employees. While a primary objective of the legislation is ultimately to bring down costs through the creation of exchanges managed by the states, having access to an exchange may not mitigate the burden to larger businesses employing 100+ workers. Health Care reform is a work in progress and will need continuing constructive refinement. I support making tax credits available to larger businesses who suffer any unintended consequences while we move towards a better system.
Immigration Reform must also include ways to help business owners verify their I-9 form. E-Verify, a federally-created system that determines whether potential employees are legally permitted to work in the U.S. has been shown to be frequently unreliable. I support a strong, mandatory work verification system as a part of comprehensive immigration reform – but business owners cannot be penalized for a system that has not yet proven to be up to the task. We should expand pilot programs and explore the program on a voluntary, opt-in basis.
Make credit accessible for business owners. I fully supported the small business bill that President Obama recently signed into law. It sets up a lending fund for small businesses and includes an additional $12 billion in tax breaks for small companies. We also can find ways to take advantage of the treasure trove of executive talent that was “downsized” in recent years. These qualified people can help existing small businesses grow or start successful enterprises if able to qualify for a tax credit.
Lowering the corporate tax rate. I support the bipartisan Tax Fairness and Simplification Act of 2010 currently making headway in Congress. The Wyden-Gregg bill will vastly simplify the tax code and reduce the corporate tax rate to a maximum 24 percent from the current maximum of 35 percent in exchange for eliminating special interest tax breaks to large multi-nationals. Those small businesses who are “S” corps or sole proprietorships would benefit from a gross simplification to three individual rates in this bill.