Small businesses are the backbone of the American economy – providing roughly 70-percent of all jobs in the United States.
Congressman McHenry is a small businessman and understands the issues that affect the success or failure of these ventures. First, we need to have a system of taxation that encourages investment and entrepreneurship. Currently, small businesses are penalized by the tax code, costing jobs and opportunity. Congressman McHenry is a cosponsor of legislation that would permanently repeal the death tax – which disproportionately affects small businesses and family farms.
Small businesses are also impacted by the rising cost of providing health care to employees. As frivolous lawsuits increase the cost of health insurance, they also increase the risk of a business being named in such a lawsuit. The result is that businesses are less willing and able to provide this benefit to employees. Congressman McHenry supports legislation that will allow small businesses to band together to purchase insurance, making insurance more affordable and accessible.
Unnecessary and burdensome federal regulations make it almost impossible for small businesses to compete with larger entities. These small businesses need help, not complex regulations that make compliance expensive and time consuming. That is why Congressman McHenry cosponsored the Small Businesses Bill of Rights Act (H. Res. 22) that would address all of these issues and create a better environment to do business.