Small Business -- The Engine Driving our Economy

Recently, I was privileged to again join the State Chamber for their annual Washington Fly-in. It is a wonderful opportunity for Oklahoma business people to network and meet one-on-one with their Senators and Congressmen. It is critically important for Oklahoma business people to have an open dialogue with the men and women who will be making decisions and casting votes that will impact their businesses, communities and our state's economy.

I was particularly impressed with how receptive our federal delegation is to the needs and concerns of our business community. Every member understands that the future of our state and the well-being of our people are contingent upon the viability of Oklahoma businesses.

They also understand that the vast majority of businesses in Oklahoma are small businesses. The Small Business Administration defines a "small business" as one employing less than 500 people. In Oklahoma, 99% of Small Businesses employ fewer than 100 workers and three-fourths employ less than ten. And make no mistake; they are the lifeblood of our economy.

Early in my tenure as lieutenant governor I embraced the need to protect and nurture the environment for small business. It is why I created Small Business Day at the Capitol, pushed for creation of the Small Business Regulatory Flexibility Act, served on Governor Keating's Cabinet as Small Business Advocate and helped countless small business owners with a variety of issues important to their future.

I am proud to have received the endorsement of the National Federation of Independent Business (NFIB).

I look forward to working with our Congressional delegation on federal issues critical to the future of small business.

More Power to Provide Health Care for Uninsured Employees and Better Health Care Options for Employees

Industry associations could effectively pool together to offer health insurance policies known as Association Health Plans. It would give small business the same kind of purchasing power and coverage options that larger businesses enjoy. It would help create lower cost plans, create more administrative efficiencies and more ability to customize the design and choice of benefits.
Excessive restrictions on Medical Savings Accounts (MSAs) have prevented small businesses from taking full advantage of this tool that can effectively provide a lower-cost health care option by combining tax-free savings accounts with a higher deductible health insurance plan. We should expand the number of MSAs allowed nationally and lower the required deductible from $1,650 to $1,000 for an individual plan and from $3,300 to $2,000 for a family plan. These changes would make MSAs more attractive to employees and employers alike.

Permanently Repeal the Death Tax

Death should not be a taxable event. The death tax can be devastating to small businesses that are often rich in assets but poor on cash. Permanently repealing the death tax will help ensure family-owned businesses can be passed from one generation to the next.

New Tax Incentives for Job-Creating Investments

High taxes create a disincentive for entrepreneurs, the very people who create and run small businesses. To ensure the continued viability of existing business and promote development of new business, we must reduce the tax burden and make more money available to create jobs.

Simplifying Taxes for Small Business

Too many small businesses expend valuable resources complying with burdensome and confusing IRS regulations. The Treasury Department is currently conducting a study to find ways to streamline the process for small business.

Continue Lawsuit Reform Efforts

Small businesses are particularly vulnerable to frivolous lawsuits, and they often lack the resources to defend themselves.
The federal government has made strides in the area of small business but we need to expand on the success of efforts such as the Private Securities Litigation Reform Act, The Securities Litigation Uniform Standards Act and the Class Action Fairness Act. We should also expand the general availability of arbitration and other dispute resolution alternatives.

Our federal delegation is already hard at work on many of these proposals and I look forward to joining their ranks, rolling up my sleeves and getting to work on behalf of Oklahoma's small businesses, the engine that drives our state's economy.