Main Street creates approximately 70 percent of all jobs, yet the White House consistently and constantly acts against Main Street’s interests, making life harder and harder for small business. A recent Op-Ed published at associatedcontent.com highlighted this. Some excerpts:
Complexities in the code and a labyrinth of rules to obtain credits mean tax compliance costs are unacceptably high for small businesses.
Small businesses want simplicity in the tax code and they want rates for individual taxpayers kept low. Close to 75 percent of small businesses pay tax on their business income at the individual level, making it imperative that the 2001 tax cuts be made permanent.
Unduly burdensome regulations disproportionately affect the small-business community costing them around 36 percent more per employee than their larger counterparts.
In FY 2010, federal agencies unleashed 43 major new rules’ and the costs of implementing these rules was $28 billion.
According to the Congressional Budget Office, the budget deficits in 2009 and 2010, as measured as a share of GDP, were the largest since 1945. They represent almost 10 percent of the GDP and the estimated budget deficit for 2011 is going to stay in that range.