Chabot Talks Empowering America’s Entrepreneurs at the National Press Club
Small Business Committee Chairman Calls for Tax and Regulatory Reform
Click Image to Watch Video of Chairman Chabot's Full Speech
“It is truly remarkable how our small businesses can continue to create jobs and grow the economy when—on an almost daily basis—Washington seems intent on throwing up new obstacles that threaten to impede their success.
That’s what we on the Small Business Committee are trying to change.
With nearly half of the workforce going to work every day at a small business and about 7 out of every 10 new jobs coming from a small business, almost anything Washington does to small businesses can have a major impact on millions of families.
As Chairman, I am 100 percent committed to making sure the voices of small businesses are heard in Washington.”
“That’s why I’m so encouraged by Speaker Ryan’s plan to give the American people a real reform agenda that’s building from the bottom up. As part of that effort, I’m helping lead a task force to reduce the regulatory burden on America’s small businesses. It’s one of several the Speaker has set up to do something that, I’ve seen, really works: invite everyone to come forward and share their ideas on how best to grow the economy and empower entrepreneurs.
It’s the way I approach my role as Chairman of the Small Business Committee, and here are just a few examples of how that’s been working for us:
Last year, we passed the Veterans Entrepreneurship Act to waive the upfront fees for the Small Business Administration’s 7(a) express loans for veterans and their spouses. We also passed the RISE After Disaster Act to help small businesses ravaged by Superstorm Sandy, and victims of future natural disasters, get the help they need from the SBA (the Small Business Administration).
We also passed key provisions in the 2016 National Defense Authorization Act to help small firms compete for contracts with the Department of Defense. This will obviously benefit entrepreneurs and their employees, but it also benefits the folks footing the bill, the taxpayers, by making sure they get more bang for their buck.”
“Looking toward the next couple of years, the most important step Congress can take to empower America’s entrepreneurs is to fundamentally reform our tax code. Now it’s a presidential election year, so realistically, that probably makes attaining this goal more challenging. We did make some progress at the end of last year.
We made permanent the increases for Section 179 expensing, the Research and Development tax credit, and we expanded bonus depreciation through 2019. That’s a good start. But simplifying the tax code, broadening the base, and lowering marginal rates, would be a huge boost to entrepreneurs across America.
Even though we may not be able to accomplish this in 2016, Congress should be working on it now. And depending on how the election goes at the Presidential and Congressional levels this November, hopefully we can accomplish major tax reform next year.”
You can watch video of the Chairman’s full speech here.