Small businesses are the backbone of our economy, driving our economic growth by providing more than 70 percent of new jobs. However, it is not easy for small businesses to succeed. Access to capital and health care costs are among the most difficult challenges. This year I voted for the Small Business Investment Expansion Act of 2007 (H.R. 3567) which passed the House. The bill streamlines SBA investment programs and revises rules that inhibit the free flow of investment capital to small businesses. In addition, I introduced legislation (H.R. 126) which would create a loan program permitting individuals to use money in an independent retirement account as capital to start a small business without tax penalty.
Earlier in the year, the Small Business Tax Relief Act, which I supported, became law. This legislation provides $1.3 billion in essential tax savings to small businesses over the next ten years.
The Internet Tax Freedom Amendments Act of 2007 (H.R. 3678), which I supported, also became law. It extends the Internet tax moratorium for another seven years, keeping Internet access tax free until 2014. Thousands of Nebraska small businesses have used the Internet to complement their physical presence. The extension of the moratorium is an important step forward in ensuring that unnecessary taxes and fees do not stifle the benefits of small business entrepreneurship.
We can do more for small businesses by lowering the cost of health insurance. Earlier this year, I cosponsored the Working Families Wage and Access to Health Care Act (H.R.324), which joined a minimum wage increase and tax relief with a proposal to allow small businesses across the nation to band together to provide group health insurance plans for their employees.