I appreciated this opportunity to hear from 21 local businesses who know what it means to make a payroll and develop a business plan for growth and hiring (at a ). I want to thank Wisconsin Manufacturers and Commerce for its help in identifying businesses for this unique meeting.
Job creators in my district face crushing federal government regulations and uncertainty thanks to the threat of higher taxes.
Terry Welch, president of Prime Leather Finishes, shared his frustration with America’s highest-in-the-world corporate tax rate, saying: “When you start with 35 percent and you add all the state taxes, FICA, property taxes, all the fees. Now you have that little bit to grow. It’s very hard to grow, when you are starting out with 35 percent.”
I agree we must make America more attractive to compete in this globalized economy, and our corporate tax rate is not helping. It is common sense that the more the federal government taxes, the less money a small business has to hire or expand.
“If I had 30 seconds with President Obama, as a small business owner, this would be my one message: if I had lower taxes, I would have more money to hire,” said Gary Laev of Electrical-Mechanical Drives, Inc., emphasizing the effect that higher taxes would have on his ability to hire.
Jeff Hamilton, of Sprecher Brewing Company, shared a story about the cost of federal government rules and regulations, saying: “This summer I had an Alcohol and Tobacco Tax and Trade Bureau auditor in my building for 13-and-a-half weeks. He made us change every label for some reason. Things like, we are registered as Sprecher Brewing Company, and on some labels we wrote out ‘Co.’ instead of ‘Company.’ We are not registered that way, so we had to change every label written that way.”
That story exemplifies the frustration that many businesses experience when Washington bureaucrats hand down rules that cost thousands and set them back from being successful. Congress should enact policies that infuse certainty and stability into the economic environment, not threaten to impose new taxes or regulations that increase the cost of doing business. Unless businesses can plan for the future, they are going to choose to sit on the sidelines rather than expand and hire.
With my upcoming town hall meetings, I look forward to continuing this dialogue with constituents of the 5th District, and the input from the Jobs Creators Roundtable will help inform my work in Washington.