By Congressman Steve Stivers, 15th District of Ohio
Last month, I had the pleasure of bringing my 8-year-old daughter to work with me at the Capitol. But it was also a work trip for her: she had a number of business transactions to complete and very important deliveries to make—Girl Scout cookies. Despite her young age, she has already shown great business acumen, selling more boxes than anyone else in her troop, largely thanks to her excellent sales pitch. I would not be surprised if she grows up to join the over 9.4 million women in America who own businesses.
That is a staggering number of female-owned businesses, and it is only getting higher. An estimated 400 new businesses are created every day by women in this nation; that’s a rate six times higher than that of businesses created by men. Moreover, I expect that as we see the effects of the historic tax reform passed at the end of last year, that rate will keep increasing.
On Main Street, small business owners and job creators are more confident than ever before in the future of their businesses. But there is optimism not just for those who already operate their own businesses. Many aspiring entrepreneurs, like Carolyn from Grove City, Ohio, are excited about tax reform because it not only puts some startup money in her pocket, but also because the simplified tax code has removed many barriers that new businesses face. The tax code is now fairer and simpler, allowing more people to pursue their American Dream.
What does fairer and simpler mean for businesses? It means that their hard work will no longer be punished with tax rates as high as 44.6 percent. Instead, we’ve lowered the marginal tax rate to no more than 29.6 percent. It also means that they will be able to spur growth of jobs, productivity and paychecks by allowing businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers.
Whether you are one of the 9.4 million, or looking to join their ranks, the Tax Cuts and Jobs Act is for you. It is designed to give you the freedom to make your own choices and pursue your next big idea. It is designed to unleash the entrepreneurial spirit of our country so that the little girl selling Girl Scout cookies can one day create the next Fortune 500 company.
If you have a story about how tax reform is helping you and your family, I invite you to share it with me on my website at www.stivers.house.gov. Additionally, if you have questions about how tax reform will affect you or if you have questions about any other issue facing our country, I invite you to contact my Washington, D.C. office at (202) 225-2015, Hilliard office at (614) 771-4968, Lancaster office at (740) 654-2654 or Wilmington office at (937) 283-7049.