US Senator John Thune’s Weekly Column: Small Business Is A Big Deal
Small Business Is A Big Deal
By Sen. John Thune
The first week of May is National Small Business Week, an opportunity to celebrate the entrepreneurs, small business owners, farmers, and ranchers who make up South Dakota’s small businesses. They are the backbone of our economy, they’re job creators and innovators, and I’m proud to represent South Dakota’s small businesses in the U.S. Senate.
Meeting with South Dakota small business owners is often on my agenda whether I’m at home in South Dakota or they’re visiting Washington, D.C. I know small business owners are facing multiple challenges right now, and I’m focused on doing everything I can to help small businesses be successful. Getting input directly from business owners, farmers, and ranchers is the best way to help me do that.
We have important work to do this year on behalf of small businesses. One of our top priorities is making the 2017 Republican-led tax cuts permanent to prevent a $600 billion tax hike on small businesses. Without action, the entire economy would face a massive $4 trillion tax hike next year. One thing I often hear from small business owners is how important the 199A small business deduction is to them. For the last several years, small businesses have used this deduction to lower their tax burden, allowing them to invest in their operations and employees, and remain competitive with large corporations. It’s estimated that making this permanent would result in 1.2 million additional jobs per year, and it’s just one of the pro-small business, pro-jobs policies we’re working to make permanent.
The 2017 tax law also doubled the exemption for the death tax, and I’m continuing my years-long effort to fully eliminate this fundamentally flawed tax. Earlier this year, I introduced the Death Tax Repeal Act, which would put an end to the death tax once and for all. Eliminating this onerous tax would ensure small businesses and family farms and ranches would be relieved from burdensome planning and aren’t stuck with a huge tax bill when one generation dies and passes the operation on to the next generation.
I’m also working on other legislation that will help strengthen small businesses. I recently introduced the Strengthening Local Processing Act, which would provide support to smaller meat and poultry processors. This bill would not only help small processors, it would provide more options for livestock producers and create job opportunities in local markets. Another bill I introduced would simplify and standardize state income tax collection for employees who travel outside of their home state for temporary work, alleviating burdensome tax requirements for both employees and employers.
Sometimes the best thing we can do for small businesses is just keep government out of the way, and the Trump administration and Congress are making progress on regulatory relief. We’ve eliminated a number of burdensome regulations through the Congressional Review Act process. Farmers, ranchers, and other landowners will be glad to know the Trump administration has initiated a collaborative process to craft an alternative to the out-of-touch Biden-era WOTUS rule. And Republicans are working to deliver on our promise to unleash American energy to support more affordable and reliable energy for all Americans.
South Dakota’s small businesses are an essential part of the fabric of our communities and our way of life. I’m proud to represent so many hard-working entrepreneurs, and it’s always heart-warming to see family-owned businesses still going strong – businesses like the Star Family Restaurant in Murdo where I got my start as a busboy. They’re a key part of what makes South Dakota great, and I’m proud to celebrate them this Small Business Week.
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