A Quote by Karen Mills
Small businesses have told us that having cash in their pocket is one of the primary things that they need.
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More than 60 percent of small businesses face payment delays. That can cause a serious cash flow crisis. So, as president, I will explore new ways to arm small businesses with the tools to fight back and level the playing field.
There are a lot of studies about small businesses and how they make a difference in their community and create a lot of jobs and values. So we need to focus on small businesses or entrepreneurs who want to start manufacturing or making things.
I tend to go with things people need. Obviously with the barbershop, people will need haircuts regardless of the economy. In a down economy, I choose businesses that don't require a lot of start-up cash or a cash injection on a regular basis. They might need some initially, but not often after. Rental of properties is a good business in a down economy as people struggle with mortgages.
We in Congress need to do everything possible to encourage and cultivate small businesses, so that they can expand and create jobs. Far too often, however, U.S. small businesses are impeded by government paperwork and bureaucratic red tape.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.
Having what I call crony capitalism, where you take money from successful small businesses, spend it in Washington on favored industries, on favored individuals, picking winners and losers in the economy, that's not pro-growth economics. That's not entrepreneurial economics. That's not helping small businesses. That's cronyism, that's corporate welfare.
Small businesses want things streamlined, and one of the great successes we're having is less paperwork, faster turnaround times.
Cash flow is a problem for a small and developing company, and the lack of it is the reason why many small businesses fail. Ensure that you have enough money in your bank account to make you able to carry out daily basic needs for your business.
Many small businesses rely on small financial institutions, like credit unions and community banks, to meet their capital requirements. Without them, these small businesses would have to close their doors.
Then by the springtime, you'll see us moving an effort to cut taxes for working families, small businesses and family farms to reform our business taxes in this country so that American businesses can compete more effectively with businesses around the world.
We need to even out the tax code for small businesses so that we lower their tax rate to 25 percent, just as we need to lower it for all businesses.
The small businesses that I've talked to have consistently said that the cost of health care is one of the things that they need the most help with.
And what's interesting, and I don't think a lot of Americans understand this fact, is that, one, most new jobs are created by small businesses; two, most small businesses pay tax at the individual income tax, or many small businesses pay tax there.
We have to keep the momentum going in the economy. And we have to make sure that we give small businesses as much cash and liquidity as possible so they have the confidence to hire that next worker.
I come from the school of thought that says when people have more money in their pocket during economic times, it increases demand or investment. Small businesses begin to grow, and jobs are added.
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