Economy and Small Business

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Since the 2008 recession until 2016, our economic recovery was stagnant and slow. This was caused, in part, by burdensome regulatory policies at the state and federal levels, as well as crippling taxes that took far too much out of the pockets of hardworking American families. The U.S. tax code was an incredibly complicated and cumbersome maze of loopholes, special interest breaks, and regulations that have hindered American workers and stunted the growth of our economy. It was over 31 years since the last time Washington delivered comprehensive tax reform to American businesses and families. In that time, our world and economy changed dramatically. It’s about time that our country has a tax code that reflects this change and contributes to growth that will benefit the middle class. This is why I voted in support of the Tax Cuts and Jobs Act.

Lower tax rates and a regulatory relief will not only benefit our nation’s economy, but will also increase living standards for our families and help businesses, both large and small, succeed. Individual tax rates for each bracket have been reduced and the standard deduction has been doubled. This tax reform package is an investment in the future of America and our economy has proven to be surging as a result.

Small businesses are some of the biggest winners of this tax plan. Given the conditions before the Tax Cuts and Jobs Act, where more businesses were exiting the market than entering, this bill is imperative for small business sustainability.  According to the Small Business Administration’s Office of Advocacy, 99.9% of all firms are small businesses. It is our women-owned, minority-owned and veteran owned small businesses that represent half the GDP and create half the jobs in this country. This bill unleashes the ability for people to become entrepreneurs and live the American dream.

Related Legislation and Actions:
Women’s Business Centers Improvements Act
Workplace Advancement Act
Small Business Joint Venture Act
Small Business Investment Opportunity Act
Small Business Innovation Research and Small Business Technology Transfer Improvement Act

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