Now that National Small Business Week is here, lots of lawmakers will be telling us about the importance of fighting for the interests of America’s job creators. It is hard to take some of those claims seriously, however, since politicians in Washington, D.C. are close to killing a federal rule that makes it easier for states to establish retirement savings plans that benefit small businesses.
During the Obama administration, the U.S. Department of Labor gave more options to small businesses that don’t offer retirement programs by permitting states to create a public/private partnership that allows private-sector employees to contribute to an individual retirement savings account through modest payroll deductions. This is critical for small businesses that often lack the resources to offer these retirement savings options themselves.
Everyone knows that reforming America’s tax system is among the tougher tasks lawmakers consider every year, which is why our tax code has undergone few significant changes over the last two decades. This slow pace of progress, however, is deeply harmful to small businesses that are consistently held back by tax rules that favor large corporations while hindering small firms. On this Tax Day, I offer politicians a common-sense proposal that would correct this problem: eliminate wasteful corporate loopholes while lowering corporate tax rates in a manner that ensures a net revenue increase to bring down our deficit and fund key programs.
President Donald Trump has said repeatedly that he wants to create a paid maternity leave program. During a recent address to Congress he even went a step further, pledging to work with both parties to craft legislation that would benefit new dads as well as new moms. If the new administration is serious about advancing paid parental leave, it should get behind proposed legislation that would create a national paid family and medical leave program, which small businesses overwhelmingly support based on the results of a new survey. Continue reading
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