[Congressional Record Volume 144, Number 75 (Thursday, June 11, 1998)]
[Extensions of Remarks]
[Page E1121]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                  A TRIBUTE TO COLORADO SMALL BUSINESS

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                           HON. BOB SCHAFFER

                              of colorado

                    in the house of representatives

                        Thursday, June 11, 1998

  Mr. BOB SCHAFFER of Colorado. Mr. Speaker, I rise today to recognize 
the thousands of dedicated small business owners across my home state 
of Colorado. This growing group of innovative and hard-working 
entrepreneurs is the heart and soul of our thriving economy. It is an 
honor to commend the men and women of Colorado who play such a critical 
role in our nation's economy.
  At the heart of every small business owner is the entrepreneurial 
spirit of our forefathers who founded and shaped this great country. It 
is this unrivaled spirit that has blessed us with the largest and 
strongest economy in the world, and yet one that still continues to 
provide customers with friendly, traditional ``service with a smile.'' 
And while major corporations continue to downsize across America, small 
businesses are growing and growing rapidly. Two-thirds of all new net 
jobs over the past 25 years have been created by small businesses, and 
the small business sector accounts for 99.7 percent of the nation's 
employers, employs 53 percent of the private work force, contributes 47 
percent of all sales in the country, and is responsible for 50 percent 
of the private gross domestic product. This is especially impressive 
considering half of the small and independent business owners start 
their businesses with less than $20,000, and that one in four of Inc. 
Magazine's 500 fastest-growing companies started with less than $5,000.
  Yet, an unnecessarily complex and unfair tax code, overly-burdensome 
and excessive government regulations, and decades of liberal tax and 
spend policies, are stifling the very economic force we ought to 
encourage. The unchecked, unimpeded growth of the federal government 
over the past 40 years has not only spawned the largest and costliest 
bureaucracy in history, but it has done so at the expense of American 
workers, taxpayers, consumers, and small business owners who are often 
forced to pick up the tab through expensive unfunded mandates on the 
private sector. These government costs are in addition to our nation's 
$1.7 trillion federal budget and result in fewer jobs, reduced employee 
benefits, higher consumer prices, and declining goods and services. 
Small business is the ideal example of what is right with America, and 
what is right with the free-market economy. The more regulated and 
burdened this market becomes, the more small business owners are unable 
to do what they do best--create new jobs for others.
  I am dedicated to champion legislation designed to encourage small 
business growth and prosperity, and committed to being one of its chief 
advocates. To that end, I have supported the issues that are important 
to small business. Last year, for example, Congress passed the Taxpayer 
Relief Act, which included significant tax relief for small business. 
The Act encourages economic growth by providing tax relief to our 
small, family, home-based, and self-employed entrepreneurs who are 
growing our communities and creating new jobs.
  Some of the small business tax victories I helped enact during this 
Congress include the restoration of the home office deduction, an 
increase in the health insurance deduction for the self-employed, real 
death tax relief, a reduction in the capital gains tax, a minimizing of 
the alternative minimum tax, a moratorium on the stealth tax, and an 
extension on the electronic filing tax payment system requirements for 
small business.
  But Mr. Speaker, much more remains to be done. We must ensure that 
the hard-working entrepreneurs who consistently demonstrate drive, 
initiative, imagination, and commitment, continue to have the ability 
to further serve their communities and strengthen our economy. It is a 
great privilege to recognize the small business owners throughout my 
state for their contributions to building a better Colorado and a 
stronger America.




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