Day 81 – My journey to find reasons to vote for Hillary rather than just against Trump.
She supports small business owners.
Using IRS standards, 97% of all US business is defined as “small.” Most of us would agree that this definition is overly generous. The SBA has a more complicated – and fair – determination based on the industry. Either way, small businesses are where most of us work and live, and with news of GE paying no taxes littering the internet (it’s sort of true), it’s easy to agree that, as in so many instances, the small guy suffers.
The smallest businesses spend an average of 150 hours and $1,100 per employee to comply with federal taxes—20 times higher than for larger businesses.
And then there’s licensing. More than 25% of workers need a license —up from 5 percent in 1950. The average occupational license costs $209 totaling billions per year.
So, here’s a sampling of what she plans to do:
• Standardize licensing requirements across state borders to reduce costs and promote mobility.
• Provide incubators, mentoring, and training to 50,000 entrepreneurs and small business owners in underserved communities.
• Promote the 100% tax exclusion on capital gains for long-term small business investments.
• Create a new standard deduction for small businesses—like individual filers; however, they could choose to itemize expenses.
• Allow 4 million small businesses with gross receipts under $1 million to take advantage of “checkbook accounting.”
• Allow small businesses to expense up to $1 million in new investments, rewarding factory and new equipment expansion.
• Quadruple the start-up tax deduction to significantly lower the cost of starting a business.
• Simplify and expand the healthcare tax credit for small employers (up to 50 employees). Allow small businesses to pool together to offer retirement plans.
• Increase federal contracting opportunities for women-owned, minority-owned, and veteran-owned small businesses.
• Defend and strengthen the Export-Import Bank, which is a crucial partner to small businesses exporting goods and services.
• Encourage small business exports by expanding SBA funding.
• Make it easier to ensure payment by ensuring federal oversight of proven bad actors to stop large companies from using litigation to deny small businesses—and give small businesses recourse to take on predatory behavior.