by Rep. Chris Lee (NY)
Small businesses have created nearly 80 percent of our economy’s new jobs, and yet government continues to place barriers in the way of our entrepreneurs.
Whether it’s health care costs, high taxes, or red tape, Washington is making it very difficult on small businesses when we ask them to shoulder more burdens than they already must face.
That’s what I heard recently when I met with small business owners in my district, one of whom said, “we don't want to depend on the government for anything, but they can help us by understanding that the burdens they are placing are trickling down and breaking the backs of small businesses.”
We can start to reverse this trend by passing the Small Business Formation and Job Creation Act (H.R. 1552), legislation I have introduced with Rep. Frank Kratovil (D-MD) that would give a boost to new small businesses by increasing the maximum tax deduction on their start-up costs from $5,000 to $20,000. This will provide new firms with access to much-needed capital during those crucial first years.
Giving this boost to small businesses will help them do what they do best: create the new jobs that grow our economy.
The National Federation of Independent Business (NFIB) – the nation’s largest advocacy organization representing small and independent businesses in the United States – has already endorsed this legislation, calling it “the right approach to getting our economy back on track.”
The House should pass H.R. 1552 immediately.