Driving the Day: 2/29/12
Small Business Helps Push the Economy Forward – Rep. Sam Graves (R-MO) via The Hill
Small businesses have created 65% of new American jobs over the last 17 years, but from 2007 to 2009, 5.7 million of these jobs were lost, writes Rep. Sam Graves in The Hill. While January's job numbers showed some positive growth, labor force participation was at a 30-year low, skewing the real unemployment rate. To put more Americans back to work, lawmakers must remove the unnecessary and costly policies that hurt small business growth, as it is clear the current tax-and-spend policies have failed.
Most of the 27 business leaders President Obama signed up last year for the Council on Jobs and Competitiveness have completely avoided taking a position in the week since the president announced his new corporate tax plan. Although there is consensus among members in favor of cutting tax rates, the plan goes directly against the council’s recommendation by backing a minimum tax on global earnings. Additionally, territorial tax reform is not addressed in the tax plan, raising concerns for some companies. “For U.S. companies to compete in domestic and foreign markets, we need a tax system that is competitive with those of foreign headquartered companies,” said chemical company DuPont’s spokeswoman Michelle Reardon about the bill.
A Gallup poll released Monday found that 72% of Americans believe the individual mandate portion of President Obama’s health care overhaul is unconstitutional. Even among Americans who think the health care law is a “good thing,” 54% think the government’s requirement for all Americans to purchase health insurance is unconstitutional. While the Obama administration touts the passage of health reform as one if its biggest accomplishments, 27 states disagree and in turn have filed lawsuits against the federal government over the law.
Senate majority leader Harry Reid said he is ready to move on legislation spurring capital formation for small businesses, something that has garnered bipartisan support. Reid says the Senate Banking Committee will address small business growth in a hearing next week, and he applauded related House legislation passed last year promoting small business.
In other news...
Local, State and Foreign Officials Attack Volcker Rule – The Washington Post
Obstacles Will Arise During Entrepreneurial Journeys – Standard Examiner
The Oscars of Entrepreneurship – Huffington Post