Issue Position: Small Business

Issue Position

Helping Small Business Survive and Grow to Create Jobs

Small businesses are vital to our economy. They account for seven out of every 10 new jobs.

Right now, most small business owners are struggling to guide their business through these tough times. A recent survey said that 48 percent of small businesses have instituted hiring freezes and 30 percent of the nation's small business owners are no longer taking a salary.

I am the only member of the Florida congressional delegation who serves on the House Small Business Committee. Furthermore, I was honored to receive the U.S. Chamber of Commerce Spirit of Enterprise Award for my strong support of legislation to help boost the economy and create jobs.

I commend the President for working to free up credit and revive Small Business Administration (SBA) loan programs. But only three percent of the trillion dollar stimulus package was dedicated to helping small business. We need to do more to increase access to credit and give them tax incentives to grow their business.

Stabilizing Property Insurance Rates

Sky high insurance rates are hurting small businesses. I cosponsored legislation to create a voluntary national catastrophic fund to encourage insurance companies to write policies that working families and small businesses can afford. I was pleased when the House passed legislation including this provision.

As small businesses struggle to survive and grow in the current recession, we must make sure that insurance companies offer affordable policies to protect their property. I will continue to work to ensure that Florida entrepreneurs can find affordable and effective coverage for their homes and businesses.

Job Creation Act

The House has passed legislation to update the Entrepreneurial Development programs of the Small Business Administration. The bill includes legislation I introduced to improve the SCORE program, which provides entrepreneurs with the small business advice of working and retired executive volunteers. The Job Creation Act also assists women, veterans, and Native Americans in the field of entrepreneurial development.

Educated Workforce

We need an educated workforce to compete in a global economy. In Congress, I have worked to make higher education more affordable for working families. Students and families must have access to the low-cost loans they need for college, regardless of what's happening in the credit markets. Specifically, I helped pass legislation signed by the president to cut excessive federal subsidies to student loan lenders and invest the savings in student aid to make college more affordable to qualified students. The bill also increased federal Pell Grants and cut interest rates on need-based student loans in half.

Tax Relief For Small Business

Last Congress, I helped pass a $1.3 billion package of small-business tax breaks, including a provision I introduced to allow deductions for all or part of a business investment in one year instead of spreading the tax savings across several years. The package also extended for one year the work opportunity tax credit for employers who hire low-income workers, including disabled veterans. Finally, the bill allowed employers to continue to receive a full tax credit for taxes paid on tip income that employees receive in excess of the current federal minimum wage of $5.15 an hour.

We must continue look for and find innovative ways to help the small business owner grow their business and create jobs.

No Tax Increases

Most small businesses are structured as sole proprietorships, limited liability companies or partnerships. These operate as so-called pass-through entities because they don't pay taxes themselves - their income or losses are declared on the tax returns of their owners. Small business owners who file their taxes as individuals and make more than $250,000 will see their taxes go up under the President's tax plan. Every additional dollar given to the government is another dollar loss for reinvestments in business and job creation. Now is not the time to be raising taxes on small businesses.

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