Democrats know that small businesses are the engines that drive our economy. From family-owned restaurants to high-tech startups, entrepreneurs and small-business owners are crucial elements of our communities and our economy. They “represent the essence of the American spirit.” Despite recent Republican obstructionism, Democrats have continued to champion issues important to small businesses and have worked to expand access to resources that will enable greater success.
Historically, small businesses have generated two-thirds of all new American jobs. They represent an enormous boon to our economy, and their success is critical to America’s economic recovery. That’s why Democrats have fought to remove barriers that stand in the way of small businesses—helping more small businesses to get off the ground, expand, and hire new workers.
Government cannot ensure a business’s success, but it can foster the conditions that support hiring of new workers by providing tax relief and increasing the availability of Small Business Administration (SBA) resources. President Obama has cut taxes for small businesses no fewer than eight times, and at President Obama’s direction the SBA has already administered more than 70,000 loans for businesses, providing those businesses with the capital they need to invest and grow.
Under the Recovery Act, businesses that hire previously unemployed workers can receive tax cuts, and they also can write off the purchase of new equipment. In addition, many small businesses are eligible under the historic Affordable Care Act for tax credits to offset the costs of insuring employees.