|
Small businesses are leading the economic recovery in the U.S. As we continue to grow and prosper due to the imagination and hard work of America’s workers and entrepreneurs, I will continue to do everything in my power to help America’s small businesses succeed.
One of the many burdens that face a small business is a complicated tax code. Most small businesses file their taxes as S Corporations or Sole Proprietorships, both of which are taxed on individual rates. When the Congress lowered the individual tax brackets by 3% under H.R.2, the Jobs and Growth Tax Relief Reconciliation Act of 2003, millions of small businesses saw their tax bills reduced. With access to more capital, small business owners have the means to increase the size of their enterprises, creating more jobs in their communities.
In addition to allowing American entrepreneurs access to more of their income, we also dealt with a major problem faced by small business owners and workers, the cost of health care insurance. Of the 41 million Americans without health insurance, a staggering 60% are employed by small businesses.
To address the growing concern of hard working Americans being denied access to affordable health care, the House passed H.R.660, the Small Business Health Fairness Act of 2003, which establishes Association Health Plans (AHP).
AHPs allow small businesses to band together within established trade organizations and associations to obtain increased bargaining power when purchasing health insurance.
The House passed bill establishes federal guidelines and ensures that AHPs will offer the same or increased coverage to more employees. AHPs are required to follow health accessibility laws so no one with an illness will be left out of the bargaining.
While the Senate failed to pass this important bill last year, the President has advocated for it to be passed as soon as possible. I had the honor of managing this necessary legislation on the floor of the United States House of Representatives and will do everything I can to pass this important legislation into law.
Small business owners and workers are the heart of the American economy. We should never forget the vital role that small business plays in both our economy and our society at large. I will continue to fight in Congress for the interests of small business owners and workers.
 Back to Issues
|
