Washington: US Capitol in Washingon, DC (Photo by Stefan Zaklin/Getty Images)
On Tuesday, the President gave an address to the nation where he submitted some of the advantages of his administration. While there will be many competitive efforts in the 119th Congress, an area that has consistently had two -party support are attempts to set up small businesses to help develop effective solutions that help entrepreneurs succeed. Here are five possible advantages to address the main roads across America.
1. A tax package that prioritizes small business owners
With the expiration of the tax reduction and job reduction act (TCJA), the Congress has an opportunity to update the provisions to create target access that truly support small business growth. While most of the discussion has focused only the extent of tax cuts, 80% of small business owners reported That TCJA did not help them hire new employees or invest in their businesses. Future TCJA is an opportunity to correct it.
2. Assistance to small business owners provide health care
Since the affordable care act (ACA) came into force, the uninsured rate for business employees with less than 100 employees dropped from 25.2% in 2013 to a low record of 16.3% by 2022. This success is due to the share Advanced ACA Primary Tax Loanswhich can reduce monthly payments. Unfortunately, these extended tax loans are planned to expire at the end of 2025 if the Congress does not take measures to extend them or make them permanent. If these tax loans expire, many people registered in the coverage offered through the ACA market will see their premium payments increase significantly. For example, these premiums will double on average on average for registrations in 12 countries using Health.gov who now have the right to tax loan. Congress can strengthen the ACA Foundation while implementing measures to reduce costs for small business owners and their employees.
3. Sustainable funding of the SBA catastrophe
Hellenistic Hurricanes and Milton destroyed six states and in October, the US small business administration (SBA) notified This funding for its disaster loan program was impoverished because of two disasters, which means that the agency could not offer these low -interest, long -term disaster loans until Congress adopts funds. Congress finally made December 20 and California fires began less than three weeks later. With the other natural disaster prepared to hit with very little warning, Congress can take steps to ensure that SBA is always able to support businesses affected by these crises.
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It is difficult to talk about the relations of SH.BA/Kanada/mexic without implementing the fees this week. However, many North American businesses have shifted their focus from offshore to neighboring countries to reduce the weaknesses and costs of the supply chain. Although much of the late discussion has been with tariffs, there is an opportunity to work with Canada and Mexico to run North America towards a common identity focused on economic integration, mutual governance and a proactive response to global challenges.
5. Government working for small business and families working
There are a number of fundamental challenges that Congress can address to increase small business competition. This includes the expansion of tax loans to working families, creating mobile benefit systems and developing pension options that reflect the realities facing small businesses owners. Stronger financial protection, including transparency requirements for small business borrowing and SBA loan loan programs for smaller businesses will also help ensure fair competition for small and created small businesses.
The past four years saw a record number of Americans that started new businesses based on the number of applications. Moreover, small businesses have generated over 70% of the country’s new net work since 2019. These are five possible ways to build that success and exploit the ambition possessed by American entrepreneurs and their workers.