Since being back in the Fourth Congressional District for the customary August district work period, I have had the privilege of meeting with several small business owners and Chambers of Commerce across the district. Just as Oklahoma’s small businesses are critical to a prosperous economy, it is critical that they have an economy that allows them to prosper and succeed. The great communities throughout Oklahoma are anchored by small businesses and the families that work to uphold generations of hard work and local reinvestment.
President Joe Biden and Democrats’ out-of-control spending has not only caused record-high inflation, but it also has inhibited the economy from fully bouncing back from the coronavirus pandemic three years ago. And when speaking to small business owners and even employees, their top concerns include inflation, labor shortages, overregulation and high interest rates. Just like Americans are paying high prices for nearly every good, so are small businesses to keep their doors open. While Oklahoma supports free enterprise and incentivizes entrepreneurship, sadly, optimism for the future of the economy remain low nationwide. In fact, the National Federation of Independent Business (NFIB) recently reported that small business owners are still facing several economic challenges while CNBC reported confidence in the economy among small business owners has returned to an all-time low.
Whether as an employee or owner, Americans have always depended greatly on the success of small businesses, which includes industries beyond retailers and restaurants. In fact, the latest estimate by the Small Business Administration revealed that small businesses in Oklahoma support more than 710,000 jobs statewide, which represents more than half of our workforce. Through innovation and the idea of achieving the American dream, small businesses create opportunities for many in their own communities. Because of that, we should all take interest in their success.
While House Republicans have been focused on enacting policies to support America’s Main Streets this Congress, unfortunately President Biden not only wants to raise taxes on small business, but he has also failed to come to support extending small business tax deductions that are set to expire in 2025. At a time when small businesses are already being crushed by a volatile economy, this is wrong to do. For this reason, I was proud to join as an original cosponsor of the Main Street Tax Certainty Act which would ensure millions of small businesses maintain tax parity and keep the playing field level for the millions of employers organized as S corporations, partnerships and sole proprietorships with a permanent lower tax rate that is already afforded to C corporations. Our tax code should continue to support small businesses, not hold them back. But if current law is left unchanged, Main Street businesses will see a significant tax increase, leading to even less employment and slower growth.
The individuals who take the significant risk to start a business or farm, embody the best of the America spirit. While the economic outlook remains rocky, I remain committed to supporting policies that allow small businesses to thrive and succeed and will continue to show my support for small businesses across our great state. The Oklahoma state motto “Labor Omnia Vincit,” which is Latin for “Labor Conquers All Things” remains true today. I will always bet on the success of hardworking Oklahomans.
