“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.
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 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.
Democrats are fighting to protect that progress, and to make sure that — even as president — Donald Trump can’t continue his longstanding pattern of disrespecting American small businesses.