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I Will Continue to Work Hard To Provide Incentives for Small Business Growth
December 1, 2004
I Will Continue to Work Hard To Provide Incentives for Small Business Growth
By Rick Santorum (R-PA)
As a member of the Senate Finance Committee, I understand the impact small businesses have on America’s economy. More than half of our nation’s private sector employees work for small companies and in Pennsylvania, 93 percent of all business is small business. These firms are an incredible source of new products and technological innovations, and they embody the promise of the American dream: an opportunity for the hard-working individual to turn his or her ideas into a successful, profitable enterprise.
Last March I had the opportunity to visit Bucknell University’s Small Business Development Center (SBDC). This visit allowed me to see first hand the invaluable services SBDCs provide to small business owners. It has been a pleasure to work with SBDCs to promote small business, and I applaud the SBDCs and their staff for their hard work on behalf of small business.
Recently, Congress passed the Fiscal Year 2005 Omnibus Appropriations Bill, which I supported, that included $89 million for SBDCs. The American Jobs Creation Act of 2004, which became law in October, contained specific measures that are beneficial to small businesses in Pennsylvania such as increases in tax incentives for research and development and simplifications to the tax code.
Small businesses add much to the character of our nation and it is essential that the government provide incentives that stimulate small business growth. Specifically, I have been a strong advocate for permanently repealing the estate tax, which represents a tremendous obstacle to the inter-generational transfer of family-owned businesses. Unfortunately, the death tax repeal recently enacted by Congress will expire in 2011. I will continue to work with my colleagues in the Senate to ensure that this devastating tax imposed on small business owners is permanently repealed during the 109th Congress.
I also recognize that many small businesses struggle to provide health care for their employees. I recently supported legislation that established health savings accounts, which are more cost-effective for small businesses by allowing them to stretch their health insurance budgets further.
In the upcoming Congress, I will continue to be an advocate for legislation that expands opportunities for small businesses in Pennsylvania as Congress works towards creating an environment that allows private enterprise to operate in a free marketplace, unfettered by overreaching government regulation.
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