“The Democratic Party will make it easier to start and grow a small business in America...by supporting small business and entrepreneurship, we can grow jobs faster in America.”
-Democratic Party Platform
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. Hillary Clinton has said “I want to be a small-business president,” and Democrats running for office up and down the ticket share her commitment to making our economy work for every entrepreneur.
Historically, small businesses have generated two-thirds of all new American jobs, and they represent an enormous boon to our economy. 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 eighteen times, and at President Obama’s direction the SBA administered more than 70,000 loans for businesses, providing those businesses with the capital they need to invest and grow.
Under the American Recovery and Reinvestment Act signed into law by President Obama, businesses that hire previously unemployed workers are eligible for tax cuts and can write off the purchase of new equipment. Many small businesses are eligible under the Affordable Care Act for tax credits to offset the costs of insuring employees.
Hillary Clinton’s father ran a small business, and she is committed to supporting policies that cut red tape, unlock access to capital, and open doors for small business owners — including women and minorities — and making sure that the deck isn’t unfairly stacked in favor of those at the top. Hillary has a plan to provide incubators, mentoring, and training to 50,000 entrepreneurs and small-business owners in underserved communities across the country. With Hillary Clinton as president, Democrats will also cut taxes and simplify the tax code for small businesses.