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Fox Business Highlights the Small Business Committee's efforts to free Small Businesses from the stranglehold of overregulation.
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The Formica Bros. Bakery legacy began in 1919 when Francesco and Rosa Formica opened Formica’s in Atlantic City NJ, introducing their family recipes to America. Today Formica Bros. Bakery is owned and run by Francesco’s grandson, Frank Formica, and operates from three manufacturing locations producing over 50,000 pieces of bread a day and employing 80.
“We are a family owned business with an incredible legacy, the responsibility of my livelihood, that of my family and of my employees as well our customers who depend on us, rests on my shoulders daily” Frank D. Formica commented “I do not take the responsibility lightly, and yes I have many sleepless nights. However at the same time it is an American dream one that I am very proud of, a tradition that should be available to future generations. Small businesses are the back bone of our great nation, we need government working for us, reducing taxes, and protecting the American dream.”
Francesco Formica started working on the railroads as soon as he came to America and, even though it took him 12 years to save enough to be able to start his own business, many would argue it is much harder to start and run your own company today than it was in Francesco’s time. Now, generations later, Formica Bros. Bakery still runs on the same hard work, entrepreneurial spirit and authentic recipes as the first day it opened nearly one century ago.
Your Feedback
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We are a single owner S Corp. If we are fortunate to have a net profit this year of 200K then, when you add mine and my wife's salary we could end up with a taxable income of 400K. That may sound like a lot, but profit is not cash.
We invest our profits back into the business. We're not millionaires, nor are we corporate jet owners, in fact we may have to borrow money to pay taxes. There is something wrong with that.
Uncertainty is why small business is not creating jobs. We need the federal government to stop borrowing money. Reduce spending, stop strangling us with regulations .. we don't want the federal government to do anything except take care of their own budget and leave ours alone.
Ron K. (Sheridan, WY) Kennon Products, Inc
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We are outside of the norm in that we are certainly looking for qualified people, however it seems to be harder to find qualified people with trades experience, where our leaders continue to push vast amounts of manufacturing out of the country, the pool of experience is getting smaller, a warm body simply does not work in this overly competitive environment. market uncertainty and the higher cost of taxes, uncertainty of the changes to health care and the overall pinch by government regulation certainly require us to really evaluate the need to hire for any position. Our first question is can continue to survive without filling this position.
S. C. (Logan, UT)
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As a very small service business, we are struggling with fuel costs. Rural Northern Calif. has gas prices at $4.19 today. We run three trucks in 4 counties. It is killing us. Also Payroll taxes and the cost of the products we use. The affordable care act will shut us down after 22 years. I have managed to keep our employees working (barely) but we aren't able to take one more hit from this government.
Diane P. (Red Bluff, CA)
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I'm not naive to think that there isn't always some uncertainty in doing business, but most of the current concerns on my mind come from federal government. Fuel supply is one issue that concerns me. While fuel prices are steady at the moment, rising fuel costs impact nearly every aspect of business here in Hawaii. Strong initiatives into alternative energies would be a nice thing to see. Particularly in the class of working vehicles such as pickup trucks and vans.
I am feeling positive about the healthcare legislation that passed congress, as it will improve working conditions for all Americans.
Harlan Kanoa S. (Honolulu, HI)
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Hurdles? Costs! From taxes, regulation, fuel, utilities, etc. the overhead is crushing us, we'd like to pay better and higher wages to complete with government and large industry jobs but it is near impossible. Free market seems to be disappearing at an alarming rate and yet we small business owners are told we ARE the employers. If government doesn't soon get off our backs we will all be on theirs then who pays the bills?
Jim C. (Cogan Station, PA)
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There is just way too much uncertainty in the marketplace right now. Years without a federal budget, the continuing healthcare debacle and now the potential for even higher taxes. Its no wonder small business owners are concerned.
Jim C. (Norfolk, VA)
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The biggest hurdle to small business expansion today is the difficulty funding that expansion.
Ralph T. (Austin, TX) Foot Solutions
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I own a small business in health care. We are doubly burdened by decreasing revenues from Medicare reimbursement cuts in the ACA, simultaneously not daring to hire and grow because of the escalating taxes imposed by the affordable care act. My staff is pleading for raises and we have to make cuts instead; people are leaving for the first time in our 9-year history. This is the most "anti small business" administration ever.
David H. (Brewer, ME) Nurse Anesthesia of Maine
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Higher taxes means the cost of doing business increases and the cost is past on to the least able to pay. Take cigarettes for instance. They used to be 35 cents a pack. Now they are 3 to 4 dollars a pack. Did the cigarette company have to pay more taxes? NO the consumer paid the taxes and it was collected by the cigarette company and given to the government. Same with gasoline. Exxon just passes the higher cost on to the consumer. There is no such thing as "taxing big corporations" it all comes back to the consumer. What we need is LESS GOVERNMENT SPENDING so less money is needed..
charles m. (Ridgeland, MS) Dr. Charles McMasters
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Planning for future growth is nearly impossible with so much uncertainty in areas like healthcare cost, taxes(state and federal), rules for full time/part time employment, federal and state budgets, and the impact of international politics and finance on America's psyche (willingness to spend, grow, look ahead). The inability of our legislative bodies to work out deals and address our current issues with defacits, healthcare, and energy add to our hesitancy to step out and take chances. Small business (our business) will step out, take chances, and grow if these obstacles are reduced and our leadership shows confidence and decisiveness.
Randy R. (Aberdeen, MD) RTR Technologies
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