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Mullin' It Over Column

The Small Business Boom

By Congressman Markwayne Mullin

There are more than 29,600,000 small businesses across the United States.  To me, that’s 29,600,000 good reasons to ensure small businesses can operate in a business-friendly environment.  That starts with getting the federal government out of the way.  Fortunately, President Trump understands the impact small businesses have on our economy and is enacting policies and cutting red tape that stagger the growth of our greatest economic force.

During Small Business Week, we celebrate small businesses as the powerhouse of our workforce and national economy.  According to the Small Business Administration, the nearly 30 million small businesses in our country employ more than 57 million people.  Small businesses account for two out of every three net new jobs created in the United States.  More than 97 percent of all trade activity is produced by small businesses, which generates one-third of our country’s $1.4 trillion in exports.  Small business optimism is at its highest point in more than 30 years, according to the National Federation of Independent Business.

Much of this optimism can be attributed to President Trump’s regulatory and tax reforms.  President Trump is rolling back harmful regulations put in place by the Obama administration and creating a pro-growth environment for America’s job creators.  Small businesses have suffered the consequences of burdensome red tape and ultimately either pass the cost along to the consumer or are forced to cut employees.  In Fiscal Year 2017, the Trump administration issued an impressive 67 deregulatory actions undoing job-killing regulations from the previous administration.

Meanwhile, the Tax Cuts and Jobs Act continues to deliver more money in the paychecks of Americans and allow businesses to invest back into their employees and their communities.  Around 80 percent of pass-through small businesses will see their tax burden reduced as a result of the Tax Cuts and Jobs Act.  The new tax law also lets companies write off heavy equipment, like farming tractors, or other big investments for the next five years.  I believe that no one is a better steward of a dollar than those who earn it or those who run their own businesses.  Tax reform is giving Americans the power to choose how to spend more of their own money, rather than send it off to Washington.

The United States was built on small businesses: the family-owned store, the mom-and-pop shop on Main Street, the local farm growing crops to feed the world, a young entrepreneur chasing his or her American dream, the individuals who work tirelessly to keep their employer’s doors open.  I am grateful that we finally have a president committed to ensuring that our country’s small businesses can continue to grow, thrive, and succeed. 

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