Small Business, Big Impact
Small Businesses. They are the driving force behind our economy and there is truly nothing small about them. 97.5% of all businesses in Missouri are “small” and there are nearly 20,000 small businesses in southeast and south central Missouri. Across America, small businesses employ over half of the workforce and create 7 out of every 10 new jobs. I have spent the last week meeting with small business owners and hosting public roundtables all across southeast and south central Missouri – hearing directly from these folks and talking about what can be done to get Washington out of their way.
Over the last eight years, small businesses have been stifled by outrageous taxes and out of control government regulations. I met with one business owner in Cape Girardeau this week who told me about how federal regulations have made it harder for him to do business. He shared that when seeking a bank loan to grow his business, federal regulations made this process more difficult and more expensive, adding to the cost of doing business and slowing down their ability to grow.
Another small business owner from Salem told me that as her small business grew and her bottom line improved, she was taxed at such a high rate, that her business would have been more profitable if she wasn’t as successful. With a system that punishes small businesses for growing, how can we expect this vital part of our economy to thrive and hire?
Hearing directly from people who are struggling to get their businesses off the ground or keep them running really hits home. I want nothing more than to see small business owners in our district succeed, which is why I’m fighting for policies in Congress that will enable their success. Last Congress, I stopped a 2000% tax increase from devastating owners who were buying equipment for their small businesses. This year, I’m rewriting the tax code to reduce the burden for small businesses and am continuing to push for a tax system that is simpler, flatter and fairer.
One of the things I love most about small businesses is how much opportunity they provide, it’s one of the best ways to live the American Dream. At my Small Business Roundtable in Hillsboro, one of the attendees, Tom told me that he started his welding business after he was laid off from another job. Since he started his own welding business, there hasn’t been a day where Tom didn’t have something to work on.
But Tom also told me about the dramatic impact Obamacare has had on his business. When Tom started his welding shop, there was a small business group where you could buy affordable insurance, but that went away with Obamacare. Not having that option added a lot of costs to Tom’s small business. He was extremely grateful to hear that last month, the U.S. House of Representatives passed legislation which would allow small businesses to band together to buy insurance plans again! I hope my colleagues in the Senate understand how important this is to folks back home, and will vote to send this legislation to President Trump’s desk.
Spending time with folks back home is the best way for me to see firsthand what these hardworking small business owners are facing. Our conversations this week will allow me to share their stories with my colleagues in Congress and take action to make Missourians lives easier!