U.S. Rep. Steven C. LaTourette (R-Bainbridge Township) says he hopes local small businesses will use a new feature on his congressional website to share their thoughts on how federal regulations impact their work.
"The Administration often talks a good game about helping small business grow and prosper, but I hear from countless small business owners who say nothing proposed in DC ever truly helps, and they feel buried in regulations," LaTourette said.
He said local businesses don't object to all regulations, but there are some that make their heads spin, like a new health care law provision that requires the filing of a1099 tax form each time you spend at least $600 with any vendor. LaTourette is asking local businesses to contact him and share their stories about coping with regulations and what can be done to help ease the burden.
"You are in a better position to advocate what could help your business than a DC-insider who has never had to meet a payroll, much less wrestle with inventory, manufacturing and distribution issues, regulations and tax compliance," LaTourette said. "This is a chance to tell me the unvarnished truth about what works, what doesn't, and why regulations affect your business in particular. Please be brutally honest and don't be afraid to share your opinion."
To share your thoughts, please visit the website and click the "Job Creators Speak Out" section on the right side of the page. Clicking the link will direct you to the American Job Creators website, where you can submit a detailed response.
LaTourette said a September 2010 report from the Small Business Administration (SBA) found that "total regulatory costs amount to $1.75 trillion annually, nearly twice as much as all individual income taxes collected last year."
LaTourette said the SBA also found that small businesses with less than 20 employees face costs of nearly $11,000 in federal regulations each year for each worker they employ. Another study says 43 major regulations were imposed in Fiscal Year 2010 with an "economic cost of $26.5 billion, the highest total since at least 1981."