During Tuesday night’s State of the Union address, President Obama laid out his vision for the next year, highlighting previous years’ successes and priorities for the future.
Tucked in his hour-long speech, President Obama said the country needs to “do more to help the entrepreneurs and small business owners who create most new jobs in America.” At a time when many small businesses are still struggling and entrepreneurs are worried about their future prospects, such words are encouraging.
But at the end of the day, actions speak louder than words.
While talking about helping entrepreneurs and small businesses makes for a great sound bite, the president’s true commitment to America’s job creators will be determined by whether he pursues bipartisan reforms to actually improve the economic environment, such as the HIT.
With more than 250 cosponsors across the House of Representatives and the Senate, legislation to repeal the costly, discriminatory HIT has found support from both Democrats and Republicans. It recognizes that the best way to spur job growth and small business success is not to saddle them with $100 billion in taxes over the next 10 years and limit their options when it comes to providing good benefits to their employees. Rather, when small businesses have the resources to reinvest in their company and their employees, it is a positive for the entire economy.
According to one analysis, the HIT will significantly impact the American economy, lowering GDP by as much as $35 billion by 2022 and reducing private-sector employment by up to 262,000. Doug Holtz-Eakin, former director of the non-partisan Congressional Budget Office, also expects the HIT to cost the average family $5,000 over the next 10 years.
President Obama has pledged to make 2014 a year of action and do what is necessary to improve economic growth. American small businesses and their employees need more than words; they deserve real leadership. Taking decisive steps to remove roadblocks to job growth, such as the HIT, would a bold step in the right direction and demonstrate to the American people that he is serious about helping small business owners.
We need your help to put the pressure on Congress and President Obama. Contact your Member of Congress to tell them to repeal the HIT, and follow our Facebook and Twitter feeds to stay up to date on our progress.