A deeper look at a small business owner’s week
In early May the Small Business Administration celebrated Small Business Week. It’s to recognize the critical contributions of America’s entrepreneurs and small business owners with a series of events across the country and a proclamation issued by our President. Small businesses account for nearly half of the U.S. economy and almost half of GDP. Their influence on the economy is felt in every community across the country. In New York, small businesses employ more than half the state’s private sector workforce.
“Small businesses continue to be the bedrock of New York’s economy from the tip of Long Island to the shores of Lake Erie. Small business owners assume the risks and take the chances that are necessary to create jobs, support local communities, and grow the middle class. Supporting small businesses and local entrepreneurship builds a stronger, more prosperous Empire State,” said Greg Biryla, NFIB’s New York State Director.
Every day of the year NFIB works to make sure the public and policymakers know that it takes hard work to run a small business and that for most small business owners, there is no day off. From federal and state regulations to taxes and licensing issues, small business owners are constantly facing obstacles to doing business.
For our small businesses, every week is a small business week, and there is much to celebrate. A great deal of progress has been made. Small businesses have seen a massive reduction in costly and burdensome regulations.
According to the Competitive Enterprise Institute, the Federal Register closed out 2018 with 3,367 final rules in all, second only to 3,281 in 2017, the lowest count since records began being kept in the mid-1970s. Tax reform has brought major relief to small businesses across the country, and our nation’s regulatory environment has significantly improved business operations and compliance for our members.
The Small Business Deduction, a major win for small businesses included in the Tax Cuts and Jobs Act, has resulted in a savings of $27 billion in 2018 according to the Joint Committee on Taxation. It is projected to save $414 billion over ten years. It is the largest tax cut in history.
In New York, 2012’s landmark property tax cap was made permanent in April. Since it’s enactment, the property tax cap is estimated to have saved New York businesses and homeowners an estimated $25 billion according to the Nelson A. Rockefeller Institute Of Government.
Small business owners are continuing to hire and create jobs and are doing everything they can to keep workers. In 2018, the small business half of the economy produced 45-year record high levels of job openings, hiring plans, actual job creation, compensation increases (actual and planned), profit growth, and inventory investment.
We’re proud to represent the small business community during May’s Small Business Week and every week of the year. We will continue to stand up as the voice of small business so that our members can get back to what they do best: moving our nation’s and our state’s economy forward.
