As a third generation small businessman, I share the concerns I’ve heard from job-creators across Central Florida who face an economic environment that hinders hiring and growth. After facing several years of continuous bureaucratic hurdles, ranging from federal health care mandates to costly regulations, to tax increases, the concerns of small business owners rightfully focus on the uncertainty of not knowing what is coming their way next from Washington.
In order to turn this economy around, it’s time that lawmakers work together to boost, rather than burden, the backbone of our economy.
The ONE Act, an idea generated directly from my discussions in Central Florida, will provide small business owners the tools and incentives necessary to revitalize our stagnant economy and jump-start overdue job creation.
The Problem
- Unemployment languishes around 9%
- Much of the talk of job creation has been focused on corporate tax reform and infrastructure investment
- Small businesses have been overlooked
The Solution
- Focus our efforts on providing small businesses tax relief and an environment of certainty to hire new employees
Why?
- Small businesses account for 95% of all business entities in the U.S.
- Small businesses employ 54% of private sector employees
- There are nearly 6 million small businesses; if each could be incentivized to hire just one person, the unemployment rate would fall to nearly 5%
- Few if any small businesses will hire overseas; therefore, any incentives geared towards small businesses will benefit Americans
How?
- Provide a tax credit of $5,000 per year for up to 5 years for a small business that invests in a new employee
- The new employee must be hired on a full time basis and must move completely off of unemployment benefits
- The credit is paid for by using the new tax revenues generated from income of the new hire as well as the savings from the new hire being removed from unemployment benefits
For more information about the ONE Act, please review the Frequently Asked Questions page.
Read the bill text of the ONE Act Here.
Following the Issues:
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