Issue Position: Small Business
Issue Position
Small businesses are no doubt the backbone of our economy, representing more than 95% of all employers. In Wisconsin, nearly 450,000 small businesses and self employed individuals contribute enormously to our state economy and communities.
Since coming to Congress, I have been a strong proponent of legislation aimed at helping small businesses start up, grow, and succeed. I know from working with our businesses in the Third Congressional District and across Wisconsin that in order to stay competitive, our nations entrepreneurs and small companies require relief not only from taxes and regulatory burdens, but also from operating expenses such as the cost of health insurance and retirement planning.
Rep. Kind's Small Business Agenda
My Small Business Agenda takes a multi-faceted approach in crafting legislative solutions for this important sector of the economy. As a member of the tax-writing House Committee on Ways & Means, I have consistently supported tax relief such as accelerated depreciation and an expansion of expensing provisions under the tax code, so that small businesses are encouraged to continue growing and making capital investments.
I believe, however, that tax relief alone will not address the unique challenges that face our small business community. That is why I have developed legislation in two key areas retirement planning and affordable health insurance that are particularly burdensome to our nations entrepreneurs. Since small businesses account for more than half of all jobs in the U.S. and some three-fourths of new jobs created each year, their ability to offer health coverage and retirement benefits is critical in order for these companies to continue to hire new employees and attract top talent.
Helping with Retirement Planning
In traveling across western Wisconsin, I have heard time and again from small businesses about the difficulties they face in offering 401(k)s or similar retirement savings plans to their employees. Many small business owners would like to offer a savings plan but do not because it can be a complex, costly, and risky endeavor.
That is why I introduced H.R. 5160, the Small Businesses Add Value for Employees (SAVE) Act of 2008. This bill would encourage more small businesses to offer retirement savings plans to their employees by creating new incentives and reducing administrative burdens.
Healthcare
Promoting Small Business: Cutting Costs and Red Tape
Small businesses are no doubt the backbone of our economy, representing more than 95% of all employers. In Wisconsin, nearly 450,000 small businesses and self employed individuals contribute enormously to our state economy and communities.
Since coming to Congress, I have been a strong proponent of legislation aimed at helping small businesses start up, grow, and succeed. I know from working with our businesses in the Third Congressional District and across Wisconsin that in order to stay competitive, our nations entrepreneurs and small companies require relief not only from taxes and regulatory burdens, but also from operating expenses such as the cost of health insurance and retirement planning.
Rep. Kind's Small Business Agenda
My Small Business Agenda takes a multi-faceted approach in crafting legislative solutions for this important sector of the economy. As a member of the tax-writing House Committee on Ways & Means, I have consistently supported tax relief such as accelerated depreciation and an expansion of expensing provisions under the tax code, so that small businesses are encouraged to continue growing and making capital investments.
I believe, however, that tax relief alone will not address the unique challenges that face our small business community. That is why I have developed legislation in two key areas - retirement planning and affordable health insurance - that are particularly burdensome to our nation's entrepreneurs. Since small businesses account for more than half of all jobs in the U.S. and some three-fourths of new jobs created each year, their ability to offer health coverage and retirement benefits is critical in order for these companies to continue to hire new employees and attract top talent.
Helping with Retirement Planning
In traveling across western Wisconsin, I have heard time and again from small businesses about the difficulties they face in offering 401(k)s or similar retirement savings plans to their employees. Many small business owners would like to offer a savings plan but do not because it can be a complex, costly, and risky endeavor.
That is why I introduced H.R. 5160, the Small Businesses Add Value for Employees (SAVE) Act of 2008. This bill would encourage more small businesses to offer retirement savings plans to their employees by creating new incentives and reducing administrative burdens.
Healthcare
By far the biggest issue I hear about from small businesses in my district, however, is the rising cost of healthcare and health insurance. I believe Congress cannot continue to wait to act on this issue.
One easy step we could take right away is to correct an inequity in the tax code that prevents the self-employed from enjoying the same tax benefits on the cost of health insurance as their counterparts in other business sectors. Therefore, I introduced legislation that would do just that: H.R. 3660, the Equity for Our Nation's Self-Employed Act of 2007.
To help the rest of the small business community in affording health insurance, I am developing legislation to make it easier for small businesses to purchase quality health insurance at affordable rates for these companies and their employees. .
From Main Street to Wall Street small businesses are not only vital to our way of life, but essential for the continued growth and prosperity of the U.S. economy. I will continue to search for ways to help our small businesses prosper.
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