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Show August 6, 1993 - The Eureka Reporter - Page Three Is anyone listening? Small businesses take legislative beating By Bob Bennett The final area I II mention where small businesses are taking Recently, a small businessman a beating has to do with capital It is the lack of came to my Salt Lake office to share with me his concerns about understanding of the impact of Clinton's economic President proposal and the effects it would have on his business. Then he asked me, 'Senator, isnt there anybody back there listening to what were trying to say? I had to tell him, No. There arent many people back in Washington listening and, frankly, Im surprised that so few of my colleagues understand how small business really works. I was elected to the Senate as a businessman. During my campaign, I promised the people of Utah I would represent small business. In my state alone, seven of every ten employees work for firms in this category, however, since Ive been in Washington, the Senate has passed specific proposals in three main areas which will syphon fuel from the job growth engine. These areas are: excessive federal regulation, exorbitant taxation and the unavailability of capital due to an increase in the capital gains tax. Senator the capital gains tax rate that has led the senate to write into its version of the tax plan an in- crease of the top capital gains tax rate from 28 to 30.8 percent, Government Regula- tion The fact is, small businesses cant flourish when burdened by excessive regulation, like the provisions in the recently passed Family and Medical Leave Act. Many government regulations such as those in the Family and Medical Leave Act go into effect when a business grows to 50 I recently met a employees. woman who is the owner of a small business. When I asked her how big her business was, she replied, 'Senator, were at 49 and holding. She explained to me that if she wasn't facing the onerous regulatory overhang that comes with 50 employees, she would hire up to ten people tomorrow. But she wont; she simply cant afford to. This woman is not alone. There are many businesses in the category of '49 and holding that are deliberately restricting their growth in order to avoid that kind of regulatory liability. The real cost of excessive regulation is the loss of potential jobs. Second: Excessive Taxation The president asks individuals making $250,000, the rich, to pay their 'fair share hoping to paint a picture of a class of individuals whose sole so-call- ed tax concern is avoidance. Admittedly, $250,000 is a lot of money for an individual, but it is not a lot of money for a business. Seventy-seve- n percent individfiled all tax returns of by comes law, it would translate into a 54 percent increase since 1986. President Clinton should ber the words of the person who first inspired him to seek public & 8V2 X 1 1 First: This locks up investment capital in existing businesses and starves the new businesses from the opportunity to get the capital that they need. If the proposal be- - m White Bond S2 xHy- mV m Colored Bond, Astro Bright Bond in 8V x 1 1 also available at 6 and IO each 8V2 x 14 and 11 x 17 also available Ask about our Automatic Document Feeder for fast, fast copies. Let us typeset your flyers, business forms, posters, etc. for a profesional look at a very nominal cost! non-producti- ve uals described by Clinton as 'the rich, include income from S corporations, sole proprietorships business or partnerships-sm- ail income. individual not income, Since it is small businesses that are creating almost 80 percent of the new jobs in our country, the Clinton tax plan will attack the economys productive, sector. Simply put, it taxes success. These small businesses will be paying higher tax rates than the Fortune 500 companies. FAX Art City Publishing 161 South Main job-creati- ng Third: Capital Springville 489-565- 1 remem-availabilit- y. |
