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The Engine of Our Economy
Posted by Randy | March 12, 2010

Our nation’s small businesses employee half of our nation’s private work force. Yet, when it comes to economic recovery, lawmakers in Washington have largely brushed aside this important engine of our economy and focused instead on bailing out large corporations.  

Small businesses have always been the backbone of our economy, and any sustainable economic recovery must be focused on encouraging and motivating business owners to create jobs and spur innovation.  

Any small business owner can tell you that the most costly expenditures for a business are start-up expenses. Currently, the maximum tax deduction available to small businesses for start-up expenses is limited to $5000, leaving additional expenses to be written off over a longer period of time.  

At a time when accessing capital is extremely challenging, we need to focus on solutions that provide more money to small businesses through tax breaks.

I've cosponsored the Small Business Formation and Job Creation Act, which would increase the maximum deduction for business start-up expenses from $5,000 to $20,000. 

This tax break sends a clear message that it is our American business owners – not bureaucrats in Washington – that will create new jobs and put us on the path to economic recovery.
Comments
The opinions expressed below are those of their respective authors and do not necessarily represent those of this office.
  • Dale Hinton commented on 3/30/2010
    Right on!!! I'm glad to see that you understand the role of the small business and how they fuel the economy... I am begining to see more and more of the opportunities that are all around for people to go into business. But clearly, when people are starting a new business is one of the key times when they need to maximize their tax deductions and minimize their tax expenses. And this type of bill will hopefully encourage a growth in the small business arena... Dale Hinton http://www.dalehinton.com/
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