In today’s Wall Street Journal, Senators Jerry Moran (R-KS) and Mark Warner (D-VA) published an op-ed in which they tout a new bipartisan plan to boost job creating among small businesses, called the Startup Act.
Among the Startup Act’s proposals are:
- To permanently exempt capital gains taxes on the sale of certain small business stock held for at least five years, which will, in the authors’ words, give “investors an incentive to partner with entrepreneurs and provide financial stability at a critical juncture of firm growth.”
- To reduce the corporate income tax on certain new businesses during the first three taxable years of profit;
- To require all government agencies to conduct a cost-benefit analysis of all proposed new regulations that have an economic impact of $100M+, so as to determine the potential effects of those regs on the formation and growth of new businesses;
- To make it easier for foreign-born students who graduate from U.S. universities with advanced degrees in STEM areas (science, tech, engineering, math) to get a green card;
- To expand taxpayer-funded research at U.S. universities;
- To assess state and local policies that aid in the development of new businesses.
I’m not fully on-board with a couple of the above proposals and am skeptical of how they might be received in Washington, but am otherwise glad to see that some in government are embracing the plight of Americans and Westchester residents alike: that is, a dire need for a more small-business-friendly environment. Count me in.