Small Business Economic Engine Deserves Right Climate to Run Strong

John Sununu (R-NH) is an innovative legislator, bringing an extensive background in science, engineering, and small business to his work in Washington. In the Senate, John’s key assignments include the Commerce Committee, the Banking Committee, the Foreign Relations Committee, and the Homeland Security and Governmental Affairs Committee. He was nominated by President Bush to serve as one of two Congressional Members in the United States delegation to the 59th General Assembly of the United Nations.

America’s small businesses serve as the economic base of our economy by employing millions and generating the majority of jobs across the country. This economic engine requires the right climate to run strong: a fair, clear, and consistent tax policy; affordable health care coverage; educational tools; and access to high-speed broadband and new technology. Each element plays a valuable role in encouraging entrepreneurs and risk takers to expand their businesses. The Alliance for Affordable Services understands this and has worked hard to encourage policies that are helpful to small businessmen and women.

Regulatory Reform and Tax Policy: Regulatory reform by streamlining and modernizing government reduces the burdens placed on small business; fair, clear, and consistent tax policy eliminates barriers to expansion and innovation. In the case of the unfair “estate tax” - an affront to hardworking Americans who spend a lifetime working to pass their business on to the next generation - permanent repeal is warranted

Separate legislation signed into law earlier this year by President Bush contains a number of provisions that support future growth of small businesses. Among those that will help clear the way for economic expansion are: extending and expanding authority for small businesses to expense new investments in plant capital and equipment, and extending tax credits for employers who hire workers, including disabled veterans, who are experiencing barriers to entering the workforce.

Technology Advancement: Broadband has fundamentally changed the way we live and work, delivering unprecedented access to information, dramatically expanding markets for small businesses, and taking voice and data services in new directions. Congress can be most helpful to small businesses in this area by obtaining effective protections for consumers without resorting to regulatory burdens that restrict growth, investment, and consumer choices.

Protecting the Internet from taxation; streamlining the process through which permission is obtained to construct new networks; unlocking unassigned portions of the broadband spectrum; and keeping government regulators away from making decisions over how broadband networks are utilized will keep that road clear for economic expansion.

Access to Affordable Health Care: Providing health care remains one of the most expensive functions of operating a small business. Unfortunately, the “Health Insurance Marketplace Modernization and Affordability Act” – legislation that would have allowed small businesses to join together to purchase health care coverage - was blocked from consideration in the Senate during the 109th Congress. Permitting small businesses to band together and create small business health plans stands to reduce the cost of health care by strengthening purchasing power and enabling small businesses to participate in new coverage options. Debate continues on this issue, and I am hopeful that Congress will take up this worthy proposal again.

Women Entrepreneurs: Women small business owners comprise one of the fastest growing sectors of the economy, accounting for an estimated 10.1 million privately-held firms in the United States. Their strong entrepreneurial spirit, backed by the resources provided by Women’s Business Centers nationwide, has meant tremendous success for many. Legislation that I introduced was signed into law, extending the eligibility of successful WBC’s to apply for federal funds that will enable them to continue providing information, training, and networking opportunities.