Advocacy group Small Business Majority released its economic agenda on Tuesday, just in time for the mid-term elections.
The agenda, the first time the business group has formulated its short and long-term policy goals in a single paper, has recommendations for a long list of things critical to small business owners. Among those are access to affordable health care, comprehensive immigration reform, support of exporting businesses, and reform of tax laws.
"This is not just some sort of special interest group wish list of issues, it's fundamental to the economic impact of small business," says John Arensmeyer, founder and chief executive of Small Business Majority.
Here are some of the key provisions:
- Eliminate tax loopholes for larger corporations, such as inversions, which let large U.S. companies register as overseas entities to avoid paying U.S. taxes.
- Allow small businesses to permanently write off $500,000 for capital expenditures under section 179 of tax regulations, which was originally designed as a temporary stimulus during the financial crisis.
- Simplify and expand the small business tax credit for health care, and ensure that the small business SHOP exchanges are in working order by November 15 2015; Create a similar tax credit for the self-employed.
- Pass comprehensive immigration reform, including a path to citizenship and reasonable employment verification.
- Increase the national minimum wage to $10.10 an hour, and index it to inflation.
While much of this is not new, it gives policy makers, economists, and politicians running for office in November an opportunity to view ideas central to many small business owners in one place.
Says Arensmeyer: "We wanted something out there to debate through election season, and this presents an opportunity to discuss and debate the issues."