Small Business and Economic Development
Small businesses are the backbone of our economy, the engine of job creation, and a central component of economic development in America. Small businesses account for 99 percent of our nation’s employers and are responsible for creating 60 percent of all new jobs across the United States.
The establishment of a small business in a community is truly remarkable. For example, the opening of one small business with 100 employees generally brings 351 more people to a community, 97 more families, $490,000 more in bank deposits and over a million dollars more in overall personal income per year. Due to their amazing potential, it is essential that Congress works towards policies that help these critical businesses grow.
Far too often, we see the onerous burden of bureaucratic red tape, over burdensome taxes and government regulation stand in the way of economic development. As a former small business owner, I know firsthand the challenges our businesses face and will continue to fight for common sense policies which help our economy to grow. That is why Congress must work to keep taxes low, and remove burdensome regulations such as the 1099 reporting requirement that was included in the healthcare bill.