[Congressional Record (Bound Edition), Volume 148 (2002), Part 17]
[Senate]
[Pages 23164-23165]
[From the U.S. Government Publishing Office, www.gpo.gov]




   REPORT DOCUMENTING THE STATE OF SMALL BUSINESS AT THE END OF THE 
                       TWENTIETH CENTURY--PM 121

  The Presiding Officer laid before the Senate the following message 
from the President of the United States, together with an accompanying 
report; which was referred to the Committee on Small Business and 
Entrepreneurship:

To the Congress of the United States:
  This report documents the state of small business at the end of the 
20th century. Small businesses have always been the backbone of our 
economy. The perennially account for most innovation and job creation. 
Small businesses have sustained the economy when it is robust and 
growing as well as in weaker times when small businesses have put the 
economy back on the track to long-term growth.
  We must work together to give small businesses an environment in 
which they can thrive. Small businesses are disproportionately affected 
by Government regulations and paperwork, and I am committed to reducing 
this burden. We should regulate only where there is a real need, fully 
justified through rigorous cost-benefit analysis and clear legal 
authority. And when Government must regulate, it must adopt commonsense 
approaches. Regulations work best when agencies anticipate and analyze 
the effects of their proposals on small firms. Rules need to reflect 
the ability of small businesses to comply.
  Another barrier to unleashing the full potential of small business is 
our tax code. I am committed to reducing taxes for all Americans--
especially small businesses. We must eliminate permanently the estate 
tax, which so often has spelled the death of the business and the jobs 
of its employees after the death of its founder. Our tax code should 
encourage investment in small businesses, and particularly in new and 
growing businesses. Because the innovations that drive tomorrow's 
economy come from entrepreneurial small businesses today, we must help 
them enter the marketplace, not impede them before they get there. 
Above all, small

[[Page 23165]]

businesses need a tax code that is understandable and stable. Fairness, 
simplicity, transparency, and accountability should be our goals, and I 
am committed to this end.
  Small business embodies so much of what America is all about. Self-
reliance, hard work, innovation, the courage to take risks for future 
growth: theses are values that have served our Nation well since its 
very beginning. They are values to be passed on from generation to 
generation. We must ensure that our small businesses continue to thrive 
and prosper, not just for their own sakes, but for all of us.
                                                       George W. Bush. 
The White House, November 19, 2002.

                          ____________________