Small Business Economic Engine
Deserves Right Climate to Run Strong
By Senator John Sununu (R-NH)
America’s small businesses serve as the economic base of our economy
by employing millions and generating the majority of jobs across
the country. This economic engine requires the right climate to
run strong: a fair, clear, and consistent tax policy; affordable
health care coverage; educational tools; and access to high-speed
broadband and new technology. Each element plays a valuable role
in encouraging entrepreneurs and risk takers to expand their businesses.
The Alliance for Affordable Services understands this and has worked
hard to encourage policies that are helpful to small businessmen
and women.
Regulatory Reform and Tax Policy: Regulatory reform by
streamlining and modernizing government reduces the burdens placed
on small business; fair, clear, and consistent tax policy eliminates
barriers to expansion and innovation. In the case of the unfair
“estate tax” - an affront to hardworking Americans who spend a lifetime
working to pass their business on to the next generation - permanent
repeal is warranted.
Separate legislation signed into law earlier this year by President
Bush contains a number of provisions that support future growth
of small businesses. Among those that will help clear the way for
economic expansion are: extending and expanding authority for small
businesses to expense new investments in plant capital and equipment,
and extending tax credits for employers who hire workers, including
disabled veterans, who are experiencing barriers to entering the
workforce.
Technology Advancement: Broadband has fundamentally
changed the way we live and work, delivering unprecedented access
to information, dramatically expanding markets for small businesses,
and taking voice and data services in new directions. Congress can
be most helpful to small businesses in this area by obtaining effective
protections for consumers without resorting to regulatory burdens
that restrict growth, investment, and consumer choices.
Protecting the Internet from taxation: streamlining the
process through which permission is obtained to construct new networks;
unlocking unassigned portions of the broadband spectrum; and keeping
government regulators away from making decisions over how broadband
networks are utilized will keep that road clear for economic expansion.
Access to Affordable Health Care: Providing health
care remains one of the most expensive functions of operating a
small business. Unfortunately, the “Health Insurance Marketplace
Modernization and Affordability Act” – legislation that would have
allowed small businesses to join together to purchase health care
coverage - was blocked from consideration in the Senate during the
109th Congress. Permitting small businesses to band together and
create small business health plans stands to reduce the cost of
health care by strengthening purchasing power and enabling small
businesses to participate in new coverage options. Debate continues
on this issue, and I am hopeful that Congress will take up this
worthy proposal again.
Women Entrepreneurs: Women small business owners
comprise one of the fastest growing sectors of the economy, accounting
for an estimated 10.1 million privately-held firms in the United
States. Their strong entrepreneurial spirit, backed by the resources
provided by Women’s Business Centers nationwide, has meant tremendous
success for many. Legislation that I introduced was signed into
law, extending the eligibility of successful WBC’s to apply for
federal funds that will enable them to continue providing information,
training, and networking opportunities.
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