As a member of the House Committee on Small Business and because of my own experience as a small business owner, I am appreciative of the impact these small businesses have on our local economies.
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.
When I talk about the ability for fintech to promote kind of economic growth and productive citizens coming in, using different data and being able to lend to small businesses, see those small businesses start to grow - of course, that means more money for their families, you know, the small-business owner families. They start to hire people.
As a former small business owner, I recognize both the important role small businesses play in our economy and the broad universe of challenges that small business owners face in trying to make ends meet.
Today, a skilled manager makes more than the owner. And owners fight each other to get the skilled managers.
Small business is crucial. I think we talk so much about large businesses, they're well represented; they talk well for themselves. But most people work for small businesses; most wealth that stays in a community gets generated from them.
The most recent example and the most, I think, appalling example was when Martin Peretz, the owner - and I stress owner - of The New Republic fired a journalist who I think was uncommonly skilled and full of integrity and passion and all that stuff. But he had criticized regularly the former pupil and friend of Martin Peretz, Al Gore, so he was fired. That's contrarianist that went around - that did - that was not rewarded.
We have seen numerous instances in which American businesses have brought in foreign skilled workers after having laid off skilled American workers, simply because they can get the foreign workers more cheaply. It has become a major means of circumventing the costs of paying skilled American workers or the costs of training them.
Small businesses pay 18 percent more than big businesses for health care, the same health care, just because they're small and they have too small a pool of risk.
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
For over forty years, I've been one of the most passionate believers in entrepreneurs. From day one, I've learned that too many small businesses are predicated on business models that the owner barely understands, and then, those same men and women are baffled when their business dreams are overwhelmed with struggles they never foresaw.
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.
In general, the more entrepreneurs we have, the better off we will be because the economy is driven by small businesses and creative ideas... I'm really excited about what the future holds for women entrepreneurship and to be a small part of that by helping Kim Kardashian and Jessica Alba start their businesses.
I spend most of my career as a management consultant, a businessman working with family-owned small and medium-sized businesses. The businesses that make up the core of our economy.
We owe it to American taxpayers to make sure that contracts intended for small businesses go to small businesses.
In China, a lot of the opening up of private entrepreneurship is happening because women are starting businesses, small businesses, faster than men.