Lawmakers who dream of gutting the Affordable Care Act (ACA) do not seem to care about its importance to small business owners, particularly those who are solo entrepreneurs. What these politicians fail to understand is that the health care law is the first meaningful insurance reform available to entrepreneurs in decades. In fact, for many self-employed business owners, their firms would not exist without it. That’s why repealing the law is going to be a sizable setback for entrepreneurship. Continue reading
In light of President Trump’s recent address to Congress in which he called for corporate tax reform, some are imploring lawmakers to save small businesses from what has been termed “some of the most anti-business tax rates and rules in the world.”
While tax reform is essential to helping small businesses, many clamoring for changes to the tax code are thinking only of the wealthiest entrepreneurs and not the rest of America’s 28 million small businesses that would benefit from lower corporate tax rates only if that reduction is accompanied by the elimination of costly loopholes that boost profits for large corporations. Continue reading
When it comes to employee benefits, the difference between working for a small business and a large corporation can be the difference between eating at a buffet and dining a la carte: neither are bad options, but one usually offers more choices than the other. Unfortunately, far too many lawmakers in Washington, D.C. fail to understand that small businesses often do not have the resources to offer a buffet of benefits, which can result in high employee turnover. That’s why efforts to overturn a rule that makes it easier for states to set up retirement savings programs will be particularly harmful to small businesses.
It’s important to recognize that the retirement-savings landscape in this country is bleak; the United States currently suffers from a retirement-savings gap of more than $6 trillion, and more than three million households do not have any retirement savings at all. Unfortunately, employees of small firms are no better off as 80 percent of workers employed by businesses with fewer than 25 employees do not have any sort of pension or retirement plan.