Small business owners advocate to end tax cuts to wealthiest Americans

November 2, 2012 at 10:22 am 2 comments

Last month we took a look at whether or not regulations hurt small businesses. The answer is that for a vast majority of small businesses, regulations– including taxes– are not high on the priority list. Today, two North Carolina small business owners offer their insight in OpEd pieces in the News & Observer and the Charlotte Observer. Their viewpoint: ending the Bush-era tax cuts for the wealthiest Americans would actually be good for small businesses and the economy as a whole.

Eric Henry, President of a t-shirt company called TS Designs, and Jason Massey, CEO of Sustainable Industrial Solutions, emphasized that investments are what drives the economy, not tax cuts:

I know firsthand that investment is the key to keeping my business healthy. I know that the taxes I pay allow the government to reinvest in teachers, roads, clean water and other infrastructure and services that my business depends on to succeed. North Carolina benefits significantly from government investment. For every tax dollar we send to Washington, we get $1.08 back in everything from supports for our cotton farmers, jobs at our military bases, investments in our national parks that bring tourists to our state, and research and education investments that support the Research Triangle. – Eric Henry

As a businessman, I believe deeply in the power of free markets. Yet I also know that government investment plays a vital role in seeding those markets for success. Our economy can’t prosper without a strong and vibrant business sector, but our businesses need smart, efficient tax policies to help them thrive. Our businesses need tax policies that have a direct effect on economic growth rather than derivative, trickle-down approaches. – Jason Massey

Jason Massey makes the good point that small business owners invest their own profits right back into growing their companies. “Am I afraid that if I succeed, I will be paying a higher rate on my income taxes?” he asks. “Absolutely not,” he says, because like many small business owners, his first priority is it to bring his products to market.

Both of these stories counter the prevailing myth that small business owners want less taxes, less regulation, and less government. What they want is a level playing field– not just for themselves, but their fellow Americans as well. Education, infrastructure, conservation, safety, etc– public investments in these areas will  build a strong and stable economy. And this is what will help small businesses. Eric Henry sums it up well:

As a small business owner, taking money from the budgets of families struggling to make ends meet and giving it to the most prosperous families won’t help my business or our economy. Instead it will continue us down the path of subsidizing the already well off instead of making the investments in our economy and our people that truly strengthen our nation and our homegrown jobs.



Entry filed under: Economic Development, Economy, Jobs & Employment, Small Business. Tags: , , .

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