American small businesses are under attack by over-taxation, over-regulation, and lack of access to credit. According to a recent Job Creators Network nationwide poll of small business owners, the vast majority of respondents said the current tax and regulatory climates are preventing them from expanding and creating jobs.
According to a variety of indicators, small businesses still have not fully recovered from the Great Recession. Because of the outsized role small businesses play in the economy, creating two-thirds of new jobs and half of existing jobs, small businesses struggles are holding back the economy as a whole.
To address the issues facing small businesses and finally bring them and the economy back, policymakers must:
- Reform the small business tax burden to allow job creators to spend their earnings hiring, expanding their businesses, and raising wages.
- Fix the Affordable Care Act to lower healthcare costs, increase patient choice, and protect the social safety net.
- Protect entry-level jobs by avoiding dramatic increases to the minimum wage or overtime pay threshold.
- Avoid passing labor mandates like the joint-employer standard that close off small business opportunity.
- Avoid passing energy regulations that drive up the cost of doing business.
- Increase access to credit by eliminating the counterproductive regulations in the Dodd-Frank Act.
- Encourage education reform that emphasizes vocational training.