Weekly Column

          Owning your own business and going to work for yourself is a dream shared by many Americans. About 15 years ago, I began a small business in Oklahoma. I know from experience that owning your own business can have great rewards but it also can be a tremendous challenge. According to the Small Business Administration there are about 295,300 small businesses in Oklahoma.  Small businesses generate approximately 70 percent of the new jobs created in the United States each year.  Because our state and national economy depends on the success of small businesses, Congress is working to meet the needs of small businesses across the country.

      The cost of health care is the number one issue facing small businesses according to National Federation of Independent Businesses (NFIB). Of the 27 million working people that are uninsured, over 63 percent of them are either self-employed or work for a business that has fewer than 100 people. Congress is working to level the playing field in the 109th Congress.  I support legislation that would help small businesses provide health care to their employees through health savings accounts, associated health plans or other tax deductions for medical expenses. Helping employers afford quality health care for their workers and their families will improve the quality of life and remove a major obstacle in hiring additional workers.

       Over the last four years, there have been some significant victories for small business, including a temporary repeal of the death tax, the reduction of federal income-tax rates and an increase in the expensing limit for small businesses. The bad news is that these tax cuts will expire. During this Congress, I will work to make the tax cuts permanent and simplify the tax code so small businesses can have the consistency they need to achieve optimum growth for their own businesses and for the economy as a whole. This week the House passed the Death Tax Repeal Permanency Act of 2005 that will remove the 2010 expiration or “sunset” provision of the death tax repeal. This legislation now awaits action by the Senate.

    Another obstacle for small businesses is the litigation explosion in this country that continues to handicap our economy. The current tort system is costing Americans well over $200 billion per year, and it is estimated that it costs just one small business about $100,000 when a lawsuit goes to trial. This year Congress already sent legislation addressing class action reform to the President, and we hope to continue lawsuit abuse reform through medical liability reform and asbestos litigation reform.