Rep. Tom Reed (R-N.Y.) discussed tax reform, regulatory compliance and efforts to spur innovation among small businesses during an event held with business owners on Monday in recognition of National Small Business Week.
Reed met with small business employees and owners from the Olean Area Chamber of Commerce during the roundtable in Olean, N.Y.
“By far, the biggest takeaway from (Monday’s) conversations is the cost associated with regulation compliance,” Reed said. “From manufacturers to non-profits to those in the education sector, we heard (on Monday) from small businesses about the cost, time and effort each put in on a daily basis to comply with state and federal regulations.”
Reed, who is a former small business owner, said legislators must seize upon every opportunity to reduce government regulations and mandates that hamper small business growth.
The group also discussed the importance of tax reforms that simplify federal tax code, reduce rates and make small businesses more competitive.
“Between the amount of jobs small businesses create and the innovation they foster, listening to their needs is a must if we want to put them in a position to compete better on the global stage,” Reed said. “Making the tax code simpler and fairer means small businesses are spending less time and money each filing season – time and money better spent growing their business and adding jobs. The tax code should reflect efforts toward helping these enterprises to thrive.”
Reed highlighted efforts to promote innovation as well. Reed is a co-sponsor of the American Research and Competitiveness Act, which was approved by the House of Representatives last week. The measure would make the research and development tax credit permanent.
“Giving job creators certainty with this permanent measure will increase research and development in the United States, in turn boosting investment and innovation,” Reed said. “When job creators know with certainty what the tax landscape will look like for them, they are better able to add new jobs and pay the wages of existing employees.”