Business
The C4 Report from the City of Central Chamber of Commerce
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The Most Important Election?
Often times during an election cycle we hear, “This is the most important election of our life time!” When it comes to the survival of our country’s free enterprise system, it is! From “Mom and Pop” start ups, all the way to small manufacturing companies, survival is at stake! Take away small business and you take away the backbone of our commerce. For whatever reason, on many levels of government, it is seems apparent that there is a concerted effort to slow down the economic growth and establishment of business. With the continual creation of regulations, the threat of increased taxes, and now the extra burdens of health care expense/fines, small businesses are in the crosshairs.
In an article published in the October edition of the U.S. Chamber’s “Free Enterprise”, a hotel developer out of Minnesota lamented that the outcome of the upcoming election will determine any further business expansion. Even though they have $75 million in new projects planned, they are set to cancel the projects and lose money if the economic environment doesn’t change.
There is talk of letting the 2001 and 2013 tax rates expire. Small Business owners, like the one described above, would face a marginal tax rate of 39.6%. Combined with state and local taxes that could add up to almost a 45% top marginal rate. This would put the tax rate higher than most other industrialized nations. Why is this important?
According to the economic census, there are close to 6 million businesses in our country which fit into the category of small business and they represent 99% of all employer firms. These firms have generated over 65% of net new jobs over the past 17 years and pay over 44% of the total U.S. private payroll. Of the Small Business group, over 5.4 million fall into the category of 0-19 employees and employ about 21.4 million people. Small businesses are what create jobs! The growth, development, and survival of small businesses, along with decreased wasted governmental spending, is what could pull our country out of our economic doldrums.
From local to national elections, find out how candidates stand on the growth of the free enterprise system. Find out who backs economic growth, small business development and expansion, and is willing to look out for the overall interests of small businesses. Jobs and the growth of our economy will depend on it! Above all, get out and vote!
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