I have an entrepreneurial spirit and believe that business matters. All too often proposed reforms take an adversarial approach towards businesses. After years of watching the rich get richer it’s hard to blame most Americans for feeling that their backs are being broken while the wealthy lie back comfortably. But the two restaurant owners on my street in Fells Point, the convenience store owner one street over, and the multiple small business owners throughout Maryland that closed their doors for good during the pandemic aren’t getting richer. Rather, Main Street is being driven into extinction by policies aimed at Wall Street. Make no mistake, large corporations and industries should be regulated to combat climate change and asked to pay a tax rate commensurate to the benefits they receive from American exceptionalism. But small businesses making less than half million a year and dying on the margins should be empowered, supported, and provided every opportunity to succeed through targeted legislation.
- Propose a cap on the effective tax rate for small businesses. This provision is for every small business making less than $500,000 a year in gross revenue. At less than $500,000 in gross revenue most small business owners are barely making enough to cover overhead expenses. Over time this makes owning a small business impossible. My plan is in line with the House Ways and Means Committee’s draft legislation for tax provisions. My plan goes further than the committee by providing a larger benefit to true small business owners.
- Identify federal incentives for state and local governments to eliminate roadblocks encountered by entrepreneurs starting a small business. This is especially important for women and minorities. The cost to start a small business is often prohibitive for most individuals. My plan will cut the red tape that has kept so many in Maryland from pursuing the dreams of owning a business.
- Research and propose expanded educational and financial resources for women and ethnic minority owned small businesses. Women, most especially women with children, experience crippling roadblocks both inside and outside of the home. Ethnic minorities, to include foreign born immigrants, experience different roadblocks that are similar in scope and restrictiveness to women. We must make it educationally accessible and financially feasible for these groups to bring their talents and drive to the market.