“Economic Agenda for America’s Future” includes set of short and long-term policy recommendations Washington can act on now and in the future that will drive economic growth, job creation and competitiveness
Washington D.C.–Today, Small Business Majority released its updated Economic Agenda for America’s Future, a set of short and long-term policy recommendations government leaders can follow to ensure an environment where entrepreneurs, and our economy, can thrive. The Agenda outlines things Washington can do to bolster small business – including simple actions that can be taken during the next few months.
The recommendations range from action on access to capital, taxes, infrastructure, healthcare, immigration and freelance economy to minimum wage, workforce training, clean energy and exports, and are all tied to creating economic opportunities for small businesses and entrepreneurs.
“There is no denying the impact our 28 million small businesses have on our economy,” said John Arensmeyer, Founder & CEO of Small Business Majority. “Yet, small businesses too often find their needs being subordinated to those of big business, and sometimes even hijacked to support ideologically driven polices that don’t benefit them. Moreover, policymakers fail to recognize the rapid expansion of our new Internet-driven freelance economy, where much of the dynamic and innovative entrepreneurial activity happens today.”
Small businesses represent 99 percent of employer firms, employ half of all private sector employees and pay around 40 percent of U.S. private sector payroll. Small businesses and entrepreneurs have long been America’s engine for job growth and today more jobs are created by small businesses and the self-employed than any other way in America.
“Until we recognize and support the vital role of small businesses, we’re not giving our economy the best chance to flourish,” Arensmeyer said. “We must have a clear economic agenda that ensures we’re creating an environment where small businesses thrive, that provides the resources for small businesses to succeed and that ensures an economy that works for everyone. Focusing on small businesses and entrepreneurs is the surest way to drive the nation’s growth, job creation and competitiveness.”
The Agenda outlines things Washington can do over the next couple months that will create greater opportunity for entrepreneurs, which include:
- The Securities and Exchange Commission can release final rules for crowdfunding to provide more opportunities for small business to access capital.
- Congress can expand support for the State Small Business Credit Initiative, which funds new and existing state programs that support lending to and investment in small businesses.
- Congress can pass long-term reauthorization of the Export-Import Bank to ensure small businesses have access to global markets.
- The Administration can facilitate the sharing of online tax data between the IRS and lenders, which will streamline the lending process for small businesses.
- Congress can permanently raise the small business expensing (sometimes called Section 179 expensing) level to $500,000, and allow small businesses to deduct up-front the cost of purchasing new equipment, software and property.
- Increasing the national minimum wage to $12 per hour.
- Passing a comprehensive immigration law guaranteeing eventual citizenship for those who play by the rules and contribute to our economic success, coupled with appropriate and reasonable employment verification provisions
The list of things Washington can do to help small business over the next two years is even greater. To read the full agenda visit: http://www.smallbusinessmajority.org/economic-agenda
For an executive summary of the report, visit: http://www.smallbusinessmajority.org/economic-agenda/downloads/Economic-Agenda-2015-Executive-Summary.pdf