A critical segment of small businesses are self-employed individuals who are still developing their businesses. Creating one's own job and owning a business has long been heralded as the path to financial success and self-fulfillment in the United States, and for some, self-employment is the best possible source of employment and income.
Economists are now even saying that young, developing businesses are the key drivers of economic growth. This is especially true in minority communities where economic growth has a much bigger positive effect on the local communities. Minorities hire minorities and they start businesses in economically distressed areas. However, in these tough economic times, microenterprises are struggling and we need to do all we can to make sure that self-employment is still a path to financial success.
The toughest time of the year for any business and especially microentrepreneurs is tax time. But it is also a great opportunity for these businesses to start better financial planning and business development. That is why I introduced a bill called the Entrepreneur Growth Act that will create a grant program that would offer free business tax assistance to low-income entrepreneurs and get the critical business development services they need to grow. Providing business tax preparation services to low-income self-employed individuals builds their businesses and promotes asset-building for low-income households. This program will help microentrepreneurs save money and ensure that they access all the tax credits for which they are eligible. Nearly 9.8 million people are self-employed and by building their economic security and helping them grow their business we drive American job growth.