Press Releases

Tom Reed, Olean Businesses Talk Compliance, the Tax Code and Being Competitive Again

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Washington, DC, May 12, 2014 | comments

Kicking off National Small Business Week, Tom Reed spent the afternoon with small business employees and owners from the Olean Area Chamber of Commerce for a small business roundtable in Olean. Cutco, Sol-Epoxy, St. Bonaventure University, Olean City School District, Community Bank N.A. and more Olean Chamber of Commerce members participated in the roundtable.

“By far, the biggest takeaway from today’s conversations is the cost associated with regulation compliance,” Reed said. “From manufacturers to non-profits to those in the education sector, we heard today from small businesses about the cost, time and effort each put in on a daily basis to comply with state and federal regulations. As a former small business owner myself, I can attest to the unnecessary mandates that only hamper employees’ ability to do their jobs. That’s why at every chance we get, we’re supporting policies that cut red tape, not pile it on.”

During the meeting, the group suggested convening a meeting between Northern Pennsylvania and Southern Tier economic and business leaders to talk about job creation across the state border. Reed agreed that being able to share between the neighboring states what is and isn’t working in the job creation arena will be mutually beneficial to both states. Reed says he and Rep. Glenn Thompson of Pennsylvania have talked before about having the two groups meet and said during the meeting he will work to make sure that happens.

The group also talked about the need for tax reform in a way that simplifies and reduces rates across the board to level the playing field for small businesses. Reed, in favor of a tax code that is simpler and fairer, said tax reform is one of the keys to making American companies competitive again.

“Between the amount of jobs small businesses create and the innovation they foster, listening to their needs is a must if we want to put them in a position to compete better on the global stage,” Reed continued. “Making the tax code simpler and fairer means small businesses are spending less time and money each filing season – time and money better spent growing their business and adding jobs. The tax code should reflect efforts toward helping these enterprises to thrive.”

Last week, the House passed the “American Research and Competitiveness Act,” a bill Reed cosponsored to spur innovation in small businesses and create more research and development jobs in the United States by making the research and development tax credit permanent.

“Giving job creators certainty with this permanent measure will increase research and development in the United States, in turn boosting investment and innovation,” Reed said of the bill. “When job creators know with certainty what the tax landscape will look like for them, they are better able to add new jobs and pay the wages of existing employees.”

Small businesses employ about half of the country’s private-sector workforce and create nearly two out of every three new jobs in the U.S. Last month, Reed held similar roundtables with local employees in Schuyler and Tioga counties to gather frontline input and talk about pending legislation in Washington.

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