Wilson Op-ed: Nothing Small About the Impact of South Carolina’s Small Businesses
Small businesses are crucial to our economy in South Carolina, as they employ almost half of our state’s residents. It must be a top priority to help small businesses expand and create jobs; yet, the President’s current policies of overregulation and excessive taxation stifle small business growth and hiring. In the Second Congressional District, I regularly hear from small business owners and their employees about the uncertainty and hardship they continue to experience under the Administration’s policies that destroy jobs. It is critical to lift regulatory burdens and simplify our nation’s broken tax code to help small businesses do what they do best – create jobs.
Throughout the past few years, hardworking small business owners have faced devastating setbacks due to the President’s job-destroying regulations and the complex tax code. Currently, small business owners must pay nearly $11,000 per employee to comply with federal regulations, and that number is increasing. In addition, our broken tax code causes uncertainty for small businesses. Although big businesses also need tax certainty, small businesses currently pay 67 percent more to comply with the tax code than larger firms do. Employers need stability in tax planning, and we should work toward comprehensive tax reform to help all Americans plan for the future.
My colleagues and I in the House of Representatives are working to reduce the burden the President’s policies impose on small businesses and advance legislation that puts hard-earned money back in the hands of taxpayers. I recently voted to support two House-passed bills, the Small Business Regulatory Flexibility Improvements Act and America’s Small Business Tax Relief Act, to increase transparency of burdensome, job-destroying regulations, give small businesses a voice in the regulatory process, and provide critical tax relief by making certain tax provisions permanent. Last month, we passed the Death Tax Repeal Act to repeal the estate tax, also known as the death tax, to protect American families and small business owners from crippling taxes and harsh penalties when leaving property to their families. We will continue efforts to scale back onerous regulations and simplify our tax code to expand opportunities and help hardworking Americans.
I remain committed to supporting meaningful reforms that will help small businesses thrive because here in South Carolina, there is nothing small about the impact of small businesses. Local entrepreneurs pour their time, energy, and resources into growing their business, hiring local residents, and reinvesting their profits. Small businesses are the engine of economic growth in our communities, driving job creation, contributing to economic investment, and leading to product innovations and advancement in services.
As this week marks “Small Business Week,” it is important to show gratitude for the small businesses whose dedicated entrepreneurs support our communities by creating jobs and investing locally. I am grateful to celebrate their contributions this week and honor their commitment to our communities by supporting their businesses throughout the year. I hope you’ll join me by buying local this week—and every week—to recognize and support our small businesses in South Carolina.
Published in: North Augusta Star