House Committee on Small Business Chairman Steve Chabot (R-OH) shared his vision for how tax and regulatory reforms can help small businesses and entrepreneurs in a major policy address at the National Press Club as part of the Ewing Marion Kauffman Foundation’s State of Entrepreneurship Address. Catch key excerpts from his interview below and watch the full interview here.
On Job and the Economy | “It is truly remarkable how our small businesses can continue to create jobs and grow the economy when—on an almost daily basis—Washington seems intent on throwing up new obstacles that threaten to impede their success. That’s what we on the Small Business Committee are trying to change. With nearly half of the workforce going to work every day at a small business and about 7 out of every 10 new jobs coming from a small business, almost anything Washington does to small businesses can have a major impact on millions of families. “
On a Bottom-Up, Pro-Growth Agenda | “That’s why I’m so encouraged by Speaker Ryan’s plan to give the American people a real reform agenda that’s building from the bottom up. As part of that effort, I’m helping lead a task force to reduce the regulatory burden on America’s small businesses. It’s one of several the Speaker has set up to do something that, I’ve seen, really works: invite everyone to come forward and share their ideas on how best to grow the economy and empower entrepreneurs.”
On Getting Things Done for the American People | “…Last year, we passed the Veterans Entrepreneurship Act to waive the upfront fees for the Small Business Administration’s 7(a) express loans for veterans and their spouses. We also passed the RISE After Disaster Act to help small businesses ravaged by Superstorm Sandy, and victims of future natural disasters, get the help they need from the SBA (the Small Business Administration).
“We also passed key provisions in the 2016 National Defense Authorization Act to help small firms compete for contracts with the Department of Defense. This will obviously benefit entrepreneurs and their employees, but it also benefits the folks footing the bill, the taxpayers, by making sure they get more bang for their buck.” …We made permanent the increases for Section 179 expensing, the Research and Development tax credit, and we expanded bonus depreciation through 2019. That’s a good start. But simplifying the tax code, broadening the base, and lowering marginal rates, would be a huge boost to entrepreneurs across America.”