May hosts the one time in the year that we all come together to honor small businesses and their entrepreneurs. There are approximately 30 million people in America that are pushing their small businesses into the big leagues, doing better for themselves and simultaneously boosting the economy. It’s these people that we have to thank for the fact that the economy has done a slow but steady turn around.
With the tax reforms and policy changes that have been slowly coming out, those who are invested in small business have their optimism at an all-time high. It’s not a secret that getting a small business off the ground has not been easy in recent years, with many hopeful entrepreneurs turned away by financial institutions and put off by tax laws and reforms that have gone against them. The over-regulation of small businesses as effectively squashed the excitement from those wanting to start out on their own, but thankfully, this is now lifting. This allows for a little light relief, allowing small business owners across America to now thrive in an economy that is friendlier to them.
Earlier this year, Congress released a tax reform that has been coined ‘once in a generation’, which has allowed for many businesses to loosen the belt and allow for growth, salary expansion and their benefits to their employees to increase. Small business owners everywhere are rejoicing at the financial freedom they will be able to gain back from the reform. Speaking of reforms, Senator Mike Crapo of Idaho has been a big part in changing the legislation surrounding the Dodd-Frank Act. The change here will allow entrepreneurs access to cash they would need to allow their businesses to grow. It’s a small change but it’s going to have a massive impact on the small businesses country-wide.
The whole idea of these reforms is to allow the economy to recover from the downturn and the regulations that were too restrictive on entrepreneurs. The result will be that unemployment levels will reduce significantly, and the economy can be stronger than it ever has been before. Small businesses make a difference to the state of the economy as it’s these smaller outfits that hire more people, build an empire and are now able to grow as they’ve always planned to grow. With Congress working hard to slash taxes and lighten the load on business regulations, small businesses that were cramped down and too boxed in to spread out are now spreading their wings and flying. For America, this means a boosted economy, happier employees with better pay and happy bosses with more revenue being pumped in and out of their business for the right reasons. Many people think that small changes cannot affect them, but these small reforms mean a big deal with small business owners.
It’s good to know that Congress is sitting up and taking notice of the smaller outfits and businesses that are contributing to the local communities and it makes a refreshing change to see taxes cut!