U.S. Senators Tammy Baldwin (D-WI) and John Hoeven (R-ND) introduced bipartisan tax reform legislation today that would support small business start-up growth around the nation.
“Wisconsin has a proud history of entrepreneurship and innovation, but recent reports show that we need to do more to support our Made in Wisconsin start-ups,” said Senator Baldwin. “Wisconsin’s small businesses need a tax break and that’s what I’m working for. Small businesses are the engines of our economy and if we provide tax relief to start-ups, we can free up investments to create jobs and grow our economy.”
“Entrepreneurs and small businesses are the engine that drives our economy, creating jobs and opportunities in communities nationwide,” said Senator Hoeven. “Our legislation enables entrepreneurs to deduct more of the start-up costs for their business, which in turn will allow them to invest these dollars in making their business a success. That’s good for our entrepreneurs, their employees and the economy.”
New businesses and entrepreneurial ventures are an important source of job creation in the United States. New business start-ups have accounted for close to 30 percent of new jobs in the United States each year since 2011. Despite what we know about new businesses driving job growth, start-up rates are declining across all sectors of the U.S. economy, and these new businesses are generating fewer jobs than their predecessors.
More needs to be done to lower the cost of starting a new business. According to the Kauffman Foundation, one of the country’s leading entrepreneurship advocacy and research organizations, from 2014 to 2018, Wisconsin had a lower rate of new entrepreneurs compared to states with similar populations. Wisconsin also ranked below neighboring states in the average number of jobs created by start-ups in their first year. Read the full story here.