We are dedicated to helping small business owners maximize the benefits of comprehensive tax reform that was the U.S. Chamber of Commerce’s signature accomplishment in 2017.
Lower rates, a 20% small business deduction, increased expensing, and higher exemptions from the AMT and estate tax penalties are all intended to help the main street small business community.
The U.S. Chamber of Commerce supports legislation that makes small business tax cuts permanent and we are pressuring IRS to simplify reporting and compliance requirements that are nightmarish for small business owners. We also oppose emerging efforts to repeal various parts of the tax bill, which would reverse the pro-growth direction of tax reform that is stimulating business activity in the United States.
The skills gap, apprenticeships, training, education, and immigration are small business issues that have reached critical levels now that the economy is poised for higher levels of growth.
The U.S. Chamber of Commerce supports high-skilled immigration reform legislation that will help small businesses grow and create jobs. We oppose legislative and administrative initiatives that unduly restrict legal immigration or unfairly penalize well-meaning small employers attempting to comply with complex immigration rules and regulations.
We support reauthorization of the Perkins Career and Technical Education (CTE) program, an effort that integrates work-based learning and prioritizes credentialing aligned with the needs of the economy. Finally, the U.S. Chamber of Commerce supports demand-driven workforce development and training programs.
The U.S. Chamber of Commerce is focusing on stabilizing the small group and individual health insurance markets.
We oppose initiatives that seek to move healthcare away from an employer-sponsored system to a single payer government-run program.
We support the establishment of association health plans that will bolster the ability of associations, including local and state chambers of commerce, to provide health insurance for small businesses in their communities.
Research from the U.S. Chamber of Commerce Foundation pegs the annual impact of federal regulation at $1.9 trillion, with the heaviest burden falling on small businesses who shoulder compliance costs 20 percent higher than their larger-business competitors. The Foundation study cites a cost of nearly $35,000 per year per employee for small manufacturers to comply with federal red tape for firms with fewer than 50 employees. That is 75 percent higher than the average regulatory compliance costs for all businesses in the manufacturing sector.
Last year, through White House and congressional action, 67 federal regulations were removed, resulting in economy-wide savings of $8.1 billion. We support legislative and administrative efforts to tame the out-of-control regulatory state that has historically stifled entrepreneurial growth, innovation, and job creation.
The U.S. Chamber of Commerce supports broad-based regulatory reform that will ensure deregulatory efforts continue past this presidency and we support the Office of Advocacy at the U.S. Small Business Administration (SBA) that serves as an independent voice for small business irrespective of political leadership changes.
Access to Capital
Loans to small businesses have dropped 43 percent since the start of the recession, largely due to unnecessary Dodd-Frank restraints imposed on the community banking system.
The U.S. Chamber of Commerce supports legislative and regulatory relief for banks that provide critical main street financing and we oppose constraints on innovative financing options that would allow for small businesses to grow.